OpenID Foundation Publishes Whitepaper on Open Banking

Published March 18, 2022
The OpenID Foundation is pleased to share its new whitepaper, “Open Banking, Open Data and Financial-Grade APIs”. The paper documents the international movement towards Open Banking, Open Finance, and secure, consent driven access to all user data. It describes the OpenID Foundation and in particular the Financial-Grade API (FAPI) Working Group’s experience with Open Banking ecosystems internationally.

The whitepaper has been developed for Open Banking and Open Data ecosystem participants globally, including government officials and those tasked with designing such ecosystems. It includes an overview of the different approaches, including a balanced view of the pros and cons. It contains recommendations for new ecosystems and a detailed explanation of the specifications produced by the FAPI Working Group.

We trust that the whitepaper is beneficial and wish to thank all the contributors that reviewed and provided feedback, notably government officials and entities responsible for Open Banking in the US, Australia, Brazil, and Singapore as well as FAPI Working Group contributors.

The whitepaper can be downloaded here. We encourage you to share it and welcome feedback directed to

To learn more about the OpenID Foundation FAPI Working Group including how to get involved and contribute, please visit: