CGIDE task force on enabling open finance
The Consultative Group on Innovation and the Digital Economy (CGIDE) was launched in February 2020 to foster greater cooperation among BIS shareholder central banks in the Americas in the area of technological innovation and the digital economy. Specifically, the CGIDE provides a forum where senior officials of BIS-shareholder central banks in the Americas can cooperate to work towards the following general objectives:
- Analysing and developing public technological infrastructures geared towards tackling common shortcomings in all participating jurisdictions.
- Promoting an environment suitable to open banking, potentially through the development of key application program interfaces (APIs).
- Analysing the implications of these public technological infrastructures in terms of market structure and regulatory implications.
- The first project that the CGIDE decided to pursue, in February 2020, was that of exploring the technical issues surrounding the development of an identification and authentication API that could be used to implement privately and publicly administered open finance solutions with seamless scalability. A Technical Task Force of central bank specialists completed the project in December 2020 with the publication of the report on "Enabling open finance through APIs".
- The second project was published in September 2021 regarding the technical issues surrounding payment initiation: "Enabling open finance through APIs: report on payment initiation".
- The third project, published in October 2022, deals with data-sharing models. It aims to serve as a useful general reference for central banks seeking to develop their own data-sharing initiatives related to account aggregation in the context of open finance: "API standards for data-sharing (account aggregator)"