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Is there a future of financial APIs? OpenFinance vs. NextGenPSD2

Is there a future of financial APIs? OpenFinance vs. NextGenPSD2

The OpenFinance API Framework and the NextGenPSD2 Framework are two different financial APIs that provide access to financial data and services, provided by The Berlin Group. 


The OpenFinance API Framework

It has a broad scope, serving both consumers and businesses, including large corporations. It is designed to enable access to a wide range of financial data and services, including investments, loans, insurance, and merchant data. The framework builds upon existing NextGenPSD2 standards and introduces additional APIs that are still under development. While the OpenFinance API Framework offers the potential for greater innovation due to its wider scope, it is still in the early stages of development and may not be as well-established as the NextGenPSD2 Framework.

The NextGenPSD2 Framework

This, on the other hand, has a narrower focus, primarily serving consumers and small businesses. It is designed to provide access to bank account data and initiate payments. The framework is based on established RESTful APIs and uses a JSON format. It builds upon PSD2 regulations and is directly bound by PSD2 security and privacy principles. The advantage of the NextGenPSD2 Framework is that it is more established and has broader industry adoption, ensuring regulatory compliance. However, its limited scope may not meet the needs of all businesses.

Best API for you will depend on your specific needs and requirements.


Quick comparison


OpenFinance API Framework

NextGenPSD2 Framework


Access additional financial data & services (investments, loans, insurance, merchant data)

Access bank account data and initiate payments


Broad; caters to consumers and businesses (including large corporations)

Limited; primarily for consumers and small businesses

Technical Details

Builds upon NextGenPSD2 standards, introduces additional APIs (still under development)

RESTful APIs, JSON format (established standards)


Not directly bound by PSD2, adheres to its security and privacy principles

Builds upon PSD2 regulations


Wider range of data and services, potential for greater innovation

Established standards, broader industry adoption, regulatory compliance


Still under development, less established

Limited scope, may not meet all needs


OpenFinance API framework offers greater potential for future innovation but is still evolving. While, NextGenPSD2 framework provides a solid foundation for basic open banking needs but has a narrower scope.


Choosing the right framework depends on your specific needs,  use OpenFinance API framework if you require access to a wider range of financial data and services, and are comfortable with a slightly less established solution.

Use NextGenPSD2 framework if you primarily need access to bank account data and payment initiation, and require established standards and regulatory compliance.