Competition and Open API Standards in Banking

OECD Digitalisation and Finance, Forthcoming

10 Pages Posted: 1 Dec 2019

See all articles by Chris Pike

Chris Pike

University of East Anglia (UEA) - Centre for Competition Policy; Fideres Partners LLP

Date Written: March 2018


Given the erosion in the public’s trust in market mechanisms and globalization as a means for delivering inclusive prosperity for all, the creation of effective markets is a priority for policymakers. This paper looks at the creation of open application programming interface (API) standards in banking, and explores the competition problems that they address. It argues that by fundamentally changing the way that consumers buy and use banking services this represents the development of a more entrepreneurial approach to remedying malfunctioning markets. It also underlines the importance of competition authorities being able to investigate market failures on the demand side (and to take action to resolve those failures), and notes that these remedies may have consequences for other markets where consumers lack property rights over the data that is collected on their behaviour.

Keywords: open, data, banking, API, competition, antitrust, finance, digital

JEL Classification: L40, L50, G28

Suggested Citation

Pike, Chris and Pike, Chris, Competition and Open API Standards in Banking (March 2018). OECD Digitalisation and Finance, Forthcoming, Available at SSRN: or

Chris Pike (Contact Author)

Fideres Partners LLP ( email )

University of East Anglia (UEA) - Centre for Competition Policy ( email )

Norwich Research Park
Norwich, Norfolk NR47TJ
United Kingdom

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