- Growth and market value: Open Banking APIs are driving transformation in the financial sector
- The projected global volume of API calls will reach 720 billion by 2029.
- Technological Innovation and Global Regulation: The adoption of these interfaces not only improves security and efficiency in data transfer but also integrates advanced technologies such as Agentic AI and GenAI, enabling more personalized financial services.
- From the United States to Latin America, Brazil, India, and countries in the Middle East and Africa, regulatory frameworks are being adapted to promote interoperability and financial inclusion.
In the digital era, the financial sector is undergoing an unprecedented transformation thanks to Open Banking APIs, as demonstrated in the whitepaper GLOBAL OPEN BANKING APIs MARKET 2025-2029 published by Juniper Research.
These software interfaces not only facilitate the secure exchange of data between banks and third parties but are also opening the door to technological innovations that promise to revolutionize the way we manage our money.
With the integration of artificial intelligence technologies, particularly the emerging Agentic AI, the financial landscape is being redefined to offer more personalized, efficient, and secure experiences.
Market value of Open Banking APIs
Open banking APIs are experiencing rapid growth, driven by the digitization of the financial sector and the increasing demand for integrated banking services.
In the United Kingdom, the value of Payment Initiation Services (PIS) surpassed $5.6 trillion in 2024, demonstrating the enormous potential of these technologies in the transformation of the financial sector.
In Brazil, the Pix system is leading the modernization of digital payments through open banking APIs, while in India, the Unified Payments Interface (UPI) is positioned as a key driver for the integration of financial services.
It is estimated that by 2029, the total volume of calls to these interfaces will reach 720 trillion, representing a 427% increase compared to the projected figures for 2025. This growth reflects the key role of APIs in transforming banking, allowing third parties to offer innovative solutions based on open financial data.
The rise in the adoption of open banking APIs responds to the need to improve the user experience and to regulatory pressure that promotes interoperability in financial services.
The expansion of these tools is also driven by the rise of embedded finance, a model in which banking services are integrated directly into non-financial platforms.
This rapidly expanding landscape is not without its challenges. Data security and protection remain critical topics, as the opening of financial information requires high standards of cybersecurity.
However, with increasingly robust regulatory frameworks and the adoption of advanced technologies such as artificial intelligence and blockchain, open banking APIs will continue to establish themselves as the backbone of the new digital era in the financial sector.
Differences Between the United States and Latin America
Open banking APIs in the United States and Latin America present several differences in terms of regulation, implementation, and focus. Below are the main differences:
Regulation
United States: There is no specific regulation for open banking. Implementation is guided by financial sector guidelines, with special attention to data protection and consumer rights under existing laws such as the Dodd-Frank Act and the Gramm-Leach-Bliley Act. Additionally, the proposed CFPB regulation in 2023 seeks to define more precise standards.
Latin America: Regulation depends on the country. In nations like Brazil and Mexico, notable progress has been made with regulatory frameworks encouraging the use of APIs to share financial information. However, the adoption and maturity of these regulations are still in the development phase.
Implementation
United States: Open banking adoption is voluntary and varies from institution to institution. While some large banks have proactively developed APIs, others have been slower to integrate them into their systems.
Latin America: In countries like Mexico, APIs have been implemented for sharing open data with third parties, but adoption is uneven across the region, reflecting differences in infrastructure and regulation.
Focus
United States: The primary goal is to enhance the consumer experience and strengthen data security in existing financial services. Special attention is given to user consent and information standardization.
Latin America: While it shares a similar focus, the region places more emphasis on financial inclusion and the creation of new products and services that, through the use of APIs, allow for an improved customer experience.
Market adoption
United States: Open banking adoption is in its emerging phase, with growing interest from both fintechs and traditional financial institutions.
Latin America: Adoption is in the expansion phase, but its pace is slower due to the lack of uniform regulations and technological infrastructure challenges in certain countries.
Competition and innovation
United States: Open banking is expected to drive competition and foster innovation in financial services, opening the door to new solutions and business models.
Latin America: The goal is similar, but additional challenges related to technological infrastructure and the consolidation of a robust regulatory framework may delay the pace of innovation.
In summary, while the focus in the United States is on data protection and optimizing the consumer experience, in Latin America, the aim is to leverage open banking to promote financial inclusion and the development of new products. The difference lies in the fact that regulation and implementation vary significantly between both markets.
What are Open Banking APIs?
Open banking APIs are essential tools that allow financial institutions to share information in a controlled and standardized manner with third parties, always with the user’s consent.
This means that data, previously locked in closed silos, can now be accessed to develop applications that offer account aggregation services, payment initiation, and much more.
The standardization of these protocols ensures that communication between banks, fintechs, and other platforms is secure and efficient, complying with regulatory frameworks such as PSD2 in Europe or the Consumer Data Right in Australia.
The integration of artificial intelligence
Artificial intelligence technology has disrupted the financial sector, and open banking APIs are the bridge connecting these innovations with the daily operations of banks and fintechs.
Initially, GenAI (generative artificial intelligence) was used to automate back-office tasks and improve customer service through virtual assistants. However, the real disruptive change lies in agentic AI, a technology that allows systems to make decisions and execute actions autonomously.
Agentic AI, applied through open banking APIs, can analyze real-time data to proactively manage financial operations. For example, it can optimize the movement of money between accounts, suggest adjustments to investment products, or even prevent overdrafts and unnecessary fees. This automation not only reduces operational costs but also significantly improves the user experience by offering personalized, real-time solutions.