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 From the Open Banking to an Open Finance

Denis BEAU * First Deputy governor, Banque de France. Contact:

The development of open finance after the open banking architecture is a challenge for financial markets, regulators and central banks. These ongoing changes make it possible to envisage even more accessible, efficient and innovative financial services, while at the same time raising new challenges for both market players and public authorities.

Faced with a proliferation of new infrastructures that are no longer interoperable, the risk is that of market fragmentation and liquidity. The solutions lie in regulations that encourage cooperation between private players and complement the action of public authorities to establish a regulatory framework that is clear, and sufficiently flexible to take into account the rapid evolution of the market and of innovations.

Institutional players can play a role as a catalyst for private initiatives in standardization. Competition must also allow for an increase in the quality of APIs – we speak of premium API. A program of experimentation with new technologies has been launched at the Banque de France. These experiments have shown that an inter-bank digital currency would not only maintain but also promote central bank money as the safest and most liquid settlement asset, while adapting it to changes in demand and thus avoiding the fragmentation of settlement assets.