Project Aperta Cross-Border Open Finance Interoperability

This technical report presents the findings from Project Aperta, an initiative launched by the Bank for International Settlements (BIS) to evaluate the feasibility of cross-border open finance interoperability. It addresses the complexities and challenges of sharing financial data across jurisdictions, highlighting how differences in technical standards, regulations, and governance can hinder the exchange of information. The project serves as a proof of concept for a 'network of networks', aiming to facilitate the secure and efficient cross-border exchange of financial data and payment initiation without requiring countries to develop separate bilateral agreements. The report details the prototype's functionality, which includes real-time data translation between jurisdictions and the protection of sensitive information through encryption, while ensuring compliance with domestic governance and consent processes. Furthermore, it discusses the implications of these findings for central banks and the financial services industry, particularly regarding enhancing access for small and medium-sized enterprises (SMEs) engaged in international activities.