Objectives

OFAE acts to support and facilitate innovation in Open Finance across Europe, including through reasonable and proportionate regulatory change. In particular, it aims to:

01

Broaden Third Party Provider (TPP) access beyond payment accounts — for example, saving, investment, pension, mortgage and loan accounts — to enable TPPs to provide innovative new services to consumers and businesses;

02

Strengthen and increase the use of API technologies and Open Banking-enabled API payments; 

03

Promote the establishment and implementation of a viable commercial model for all stakeholders to support a sustainable Open Finance ecosystem;

04

Achieve full coverage of instant account-to-account payments in Europe, which is a crucial foundation for a successful Open Finance ecosystem.

To achieve these goals, OFAE will:

  • Represent the industry before the European institutions and try to influence relevant regulatory initiatives;
  • Foster an industry-led dialogue about the future of Open Finance, all the while aiming to avoid stifling innovation in corporate finance; 
  • Support the adoption of innovative technologies and services in the field of Open Finance;
  • Cooperate with other organisations working in Open Finance and engage in relevant initiatives;
  • Advocate for, and promote, the establishment and development of European Open Finance standards.