Open banking comes with a lot of expectations and promises, such as democratization of Access to Account (X2A), increased competition between banks and fintech’s, and provision of better control to end-customers over their financial data and payments.
To facilitate the adoption of open banking, several API standards incentives were created including Open Banking UK, Berlin Group, STET in France, Polish API, CDR in Australia, and so on. Also, a process of collaboration between API groups has been initiated. However, in the real world of open banking, APIs’ consumers, including fintech’s and banks themselves, have faced a lot of challenges while integrating those APIs into unified product propositions. Why? Because APIs are so different.