KPMG analyses the maturity of the APIs made available by banks.

Out of a sample of 17 European banks and 11 banks spread across North America and Asia, the UK banks are the most mature in their approach, while the French banks are essentially compliance-based.

KPMG classifies banks according to three levels of maturity of their API portal:
- Compliant, when the objective is to comply with PSD2 requirements,
- Competitive, when a strategy is perceived to face the risk of disintermediation
- Innovative, when the institution shows an adaptation of its operational model and technological capabilities to benefit from partnerships with Fintechs.

While Open Banking governance is already well structured in the UK for PSD2 and Payee Confirmation, UK Finance is proposing a further step to include 'commercial' and Open Finance APIs within the scope of governance.

This new governance would meet several objectives:
- Promote standardisation, security, competitiveness and innovation,
- Move from governance under the aegis of the CMA (Competitive and Market Authority) to governance led by the market at large,
- Have activity/performance monitoring that is independent of governance and technical maintenance,
- Charge fairly for access to Open Banking services and technical infrastructure.

For more information and the complete watch: contacteznous@oaklen.eu

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