BBVA API Market
Rulebook 43 is one of the main banking communication standards. It allows any company to receive daily statements of its accounts and, although they still have a long way to go, APIs can help implement it in any size of company.
Visa, the manufacturer of debit and credit cards, and the Spanish bank BBVA, are two good examples of the use of APIs for creating an agile and secure banking sector, in areas such as payment methods, fighting risk and fraud, or services to third parties.
Localism and lack of standardization in retail banking are some of the problems facing open banking in Europe. Despite this, experts predict a "bright future" in which the main beneficiary will be the consumer.