The Bank for International Settlements, together with CGAP, the International Monetary Fund, the Office of the United Nations Secretary-General’s Special Advocate for Financial Health and the World Bank, published high-level “Key considerations for open finance” to guide financial sector authorities implementing, improving or considering open finance frameworks. The paper frames open finance as customer-permissioned access to and use of financial data beyond open banking, extending to products such as investments, insurance and pensions, and sets out both potential benefits and the heightened risks and supervisory demands that can arise from broader data sharing. The guidance is organised around 10 elements of an effective framework: objectives, process leadership, governance, regulation, oversight and supervision, consumer and data protection, consumer information and awareness, participation, technical infrastructure and architecture, and pricing. It emphasises risk-based and proportionate rules for customer-permissioned data access that apply to all participants, adequate enforcement powers and resourcing for ecosystem oversight and supervision, robust privacy and consent arrangements including effective customer authentication, broad participation potentially supported through reciprocity or mandated participation for large data holders, standardised application programming interfaces and an interoperable architecture, and pricing approaches that support policy objectives, including principles for compensation and circumstances where delayed cost recovery or free access may be warranted. The executive summary and related tutorials are also available via BIS FSI Connect.

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