Service Standards in Open Banking: Development, Compliance, and Future Perspectives

The Role of Service Standards in Open Banking

Open banking is an ecosystem that enables financial data and services to be shared more transparently, securely, and efficiently. The adoption of specific service standards is crucial for the success of this system. API (Application Programming Interface) standards, authentication protocols, and data security rules establish a common infrastructure in the financial sector.

For more details, you can check out our What is Open Banking? article.

Service Standards and Compliance Requirements

Open banking service standards are defined by regulatory authorities and international financial communities. The key components of these standards include:

• API Standards: Ensuring uniform financial data sharing. For more details, you can check out our What is an API? article.
• Authentication and Authorization (OAuth 2.0, OpenID Connect): Protecting user security and data privacy.
• Data Protection and Security (PSD2, GDPR): Ensuring compliance with global and local regulations.
• ISO 20022 and Financial Messaging Standards: Standardizing data communication between banks and financial institutions.

For further insights, you may also refer to our Open Banking Regulations in Turkey: Challenges and Opportunitiesarticle.

Open Banking Service Standards in Turkey

In Turkey, open banking is regulated by the CBRT (Central Bank of the Republic of Turkey) and BDDK (Banking Regulation and Supervision Agency). The API standards set by institutions like BKM (Interbank Card Center) and CBRT facilitate the integration of banks and financial technology firms.

WAGONN’s Role

WAGONN provides consulting and integration services in financial technology, assisting banks and fintech companies in complying with open banking service standards. For a secure, transparent, and regulatory-compliant infrastructure, click here to contact us via our contact page.