View metadata

dc.titleAPIBox: A Technology Sandbox for Open Finance
dc.contributor.authorZárate Moreno, Ana María
dc.contributor.authorLema, Jonathan
dc.contributor.authorReyes, José Tomás
dc.contributor.authorJiménez, Juan Manuel
dc.contributor.editorZárate Moreno, Ana María
dc.contributor.editorHerrera, Diego
dc.contributor.editorChitman, Henrique
dc.contributor.orgunitConnectivity, Markets and Finance Division
dc.contributor.orgunitInstitutions for Development Sector
dc.coverageLatin America
dc.coverageThe Caribbean
dc.date.available2025-11-04T00:11:00
dc.date.issue2025-11-04T00:11:00
dc.description.abstractOpen finance is built on the transfer of financial information in an efficient, standardized, and secure way through application programming interfaces (APIs). These interfaces are the core technology that connects financial service providers with innovative third parties providing account information and payment initiation services, with financial service users consent. For businesses, meeting technical and regulatory standards for APIs is a complex and challenging process that involves testing the associated business models. This paper presents APIBox, a solution to this difficulty that uses open-source technology. The Inter-American Development Banks borrowing member countries can use the solution to develop a technology testing environment that participants in the local financial ecosystem can then use to experiment, validate APIs, and contribute to their development. APIBox users can create API integrations and data exchange flowsusing synthetic data but real interactionsand explore open finance use cases. They can also use the tool to help them meet standards and to test integration with other key components of the public open finance infrastructure. APIBox flattens the learning curve and lowers the cost of testing for new entrants, such as account information service providers and payment initiators, thereby fostering competition. The IDB provides the source code and technical assistance for its application across different regulatory contexts. The codes design is based on international standards such as RESTful APIs, FAPI 2.0, RAR, Grant Management, and the ISO20022 data dictionary. APIBox is open, secure, collaborative, traceable, and interoperable.
dc.format.extent10
dc.identifier.doihttp://dx.doi.org/10.18235/0013782
dc.identifier.urlhttps://publications.iadb.org/publications/english/document/APIBox-A-Technology-Sandbox-for-Open-Finance.pdf
dc.identifier.urlhttps://publications.iadb.org/publications/spanish/document/APIBox-sandbox-tecnologico-de-finanzas-abiertas.pdf
dc.language.isoen
dc.publisherInter-American Development Bank
dc.subjectFinance
dc.subjectRegulatory Sandbox
dc.subjectQuality Management
dc.subjectScience and Technology
dc.subjectRegulation
dc.subjectFinancial Market
dc.subjectConflicts Resolution
dc.subjectInteroperability
dc.subjectFintech
dc.subjectInformation and Communication Technology
dc.subjectFinancial Service
dc.subjectService Provider
dc.subject.jelcodeO33 - Technological Change: Choices and Consequences • Diffusion Processes
dc.subject.jelcodeG20 - Financial Institutions and Services: General
dc.subject.jelcodeG21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages
dc.subject.jelcodeG38 - Government Policy and Regulation
dc.subject.jelcodeP43 - Public Economics • Financial Economics
dc.subject.keywordsfinance;open finance;regulation;service provider;financial service;interoperability;fintech;payment initiation
dc.typeLearning Materials
idb.identifier.pubnumberIDB-LM-00776
idb.operationRG-T4419
Return to Publication