Project Aperta enables cross-border open finance interoperability
Project Aperta, a BIS initiative, explores the feasibility of cross-border open finance interoperability. It proposes a 'network of networks' to bridge domestic frameworks, enabling secure data exchange and payment initiation across jurisdictions.
Bridging fragmented domestic networks
Despite the benefits of domestic open finance, cross-border financial data exchange and API usage remain challenging due to differing technical standards, infrastructure, regulation, and governance.
Existing bilateral solutions are rare, complex, and difficult to scale, leading to manual checks, duplicated submissions, and lengthy onboarding processes for individuals and businesses seeking overseas accounts, credit, or trade finance.
Project Aperta, a proof of concept by the BIS Innovation Hub, addresses this by testing a neutral multilateral interoperability layer.
This 'network of networks' securely connects existing domestic open finance frameworks, enabling the cross-border exchange of financial data and the initiation of payments without altering domestic rules, consent processes, or security controls.
The initiative aims to inform future policy choices on interoperability, trust, resilience, governance, and access, ultimately supporting safer, more efficient, and inclusive cross-border financial services, particularly for SMEs.
Translator and directory for financial data
The Aperta prototype functions as a secure, real-time 'translator and directory' for financial data and instructions, creating a 'network of networks' across existing domestic open finance frameworks.
Participating regulatory authorities share details of registered financial institutions and third-party providers, enabling cross-border discovery and verification of trusted counterparties via digital certificates.
The prototype translates and routes financial information and payment instructions in real time, converting data from a source jurisdiction's format into the destination format.
Data remains encrypted, and user consent is managed domestically.
Aperta operates invisibly, with end users and TPPs interacting only with their domestic networks.
The project demonstrated two use cases: SME banking and trade finance, illustrating how open finance can streamline fragmented cross-border processes.
Ambitious vision, complex reality
Project Aperta presents an ambitious vision for global financial interoperability, addressing a critical pain point in cross-border finance.
While the 'network of networks' concept is innovative, its real-world scalability will depend on overcoming deep-seated regulatory and governance hurdles across diverse jurisdictions.
The technical proof of concept is a strong start, but the path to widespread adoption remains long and fraught with political and legal complexities.