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Unlocking Global Open Banking: Key Insights from the Globalisation of Open Banking Event

GPT interpretation of open banking unlocked around the globe

by: Mayur Upadhyaya, CEO

On October 14th, London became the hub for open banking thought leadership, as financial innovators, regulators, and tech leaders converged for the Globalisation of Open Banking event, hosted by Pinsent Masons.
 
Backed by key players such as Financial Data Exchange (FDX) and Open Banking Ltd, the event explored the future of global finance powered by open banking and APIs. Here’s what we learned about the evolving financial ecosystem and the pivotal role of APIs.
 
Global Overview: From Screen Scraping to Smart Data
 
Gavin Littlejohn, co-founder of Potion, opened the session with a sweeping review of how data access has evolved. The transition from passive screen scraping to API-driven smart data now puts banks at the forefront of managing customer data, requiring sophisticated technology to ensure security and performance.
 
Gavin stressed that while U.S. open banking faces the challenge of creating a level playing field, the combination of FDX and OIDF frameworks offers a path forward with API authentication standards like OAuth 2.0/OIDC/FAPI.
 
Key takeaway: Standardization is the foundation, but adoption must follow. Smart data, combined with API standards, will unlock new opportunities in underserved markets. This shift aligns with APIContext’s vision of leveraging proactive monitoring to ensure performance and compliance globally.
 
U.S. Open Banking Landscape: The Road Ahead

Don Cardinal, Managing Director of FDX, provided an in-depth look at the future of U.S. open banking. With open banking rulemaking nearing completion, he emphasized the critical need for a universal data standard that ensures seamless interoperability between different markets and financial systems.
 
Don highlighted that the authentication framework (OAuth2/OIDC/FAPI) will likely be central to this transformation. But beyond authentication, the true power lies in the data standard itself, unlocking open finance through API-driven interactions. In fact, the U.S. open banking system already supports over 94 million accounts using FDX standards.
 
Key takeaway: As more financial services adopt these frameworks, the need for real-time conformance testing will only grow. APIContext’s ability to validate APIs against global standards such as FDX and FAPI positions it as a critical partner for ensuring API performance and compliance .
 
The U.K. Perspective: Trust is the New Currency
 
Henk Van Hulle, CEO of Open Banking Ltd, shared the U.K.’s success story, where 11 million users now engage with open banking services—covering 22% of the U.K. banking market. Notably, payment initiation services (PISP) have surpassed account information services, indicating a significant shift in consumer behavior.
 
Henk emphasized the importance of collaborating on fraud prevention, noting that fraud signals must be shared between banks and third-party providers. He also discussed the Joint Regulatory Oversight Committee (JROC)’s role in ensuring AISPs can thrive. As open banking evolves, trust between parties—banks, third parties, and consumers—becomes crucial.
 
Key takeaway: “Trust is the new currency minted by open banking,” Henk declared. Fraud detection and risk mitigation are increasingly important, and solutions like APIContext’s proactive monitoring ensure systems operate as expected.
 
Conclusion: A Bright Future for Global Open Banking
 
The event highlighted the transformative potential of open banking on a global scale. As U.S. and U.K. regulators push for standardized data sharing and more secure API frameworks, the role of API monitoring becomes paramount. For industry players, this is a clear call to action: ensuring that the right technology frameworks—like those provided by APIContext—are in place is essential to support this expanding ecosystem. Whether the focus is on fraud preventionopen finance, or global standards alignment, APIContext’s platform provides end-to-end API visibility, ensuring that APIs not only function but excel across authentication, performance, and compliance.
 
The future of banking is collaborative, and it’s clear that smart data, secure APIs, and innovative monitoring solutions will drive the next wave of financial innovation.
 
Explore how APIContext’s proactive API monitoring solutions can help your organization navigate the complexities of open banking, ensuring compliance, performance, and trust across global markets.
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