Bank Indonesia urges Banking Industry to Develop Open Banking in Indonesia - Bank Sentral Republik Indonesia
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September 20, 2020

Bank Indonesia is urging the banking industry to develop open banking in the payment system through formulation of Open API (Application Programming Interface) Standards with interlinkages between the banking industry and financial technology (FinTech). This would provide an opportunity for the industry and public to provide input and feedback concerning the consultative paper on Open API Standards towards Open Banking with interlinkages between the banking industry and FinTech as payment system service providers. Open API standards would facility interoperability between the banking industry and FinTech in terms of financial data and information relating to customer payment transactions (reciprocity).

Open API standards are part of Vision 2 and Vision 3 of the Indonesia Payment System Blueprint for 2025, namely to support open banking in terms of payment transactions to foster digital transformation in the banking industry as well as interlinkages between the banking sector and FinTech. Open API standards are designed to: (i) increase payment system efficiency, security and reliability; (ii) nurture innovation and healthy competition; (iii) increase financial inclusion, including MSME financing; (iv) contain shadow banking risk; and (v) mitigate the risks associated with using open API. Open API standards will be applied gradually, initially targeting payment system service providers of appropriate size, scope and business complexity. Gradual application is expected to provide enough space for the industry to make the necessary preparations for full-fledged implementation of open API standards by Bank Indonesia.

The Consultative Paper contains information concerning: (i) data standards to increase interoperability and efficiency; (ii) technical standards, including communication protocols, architecture type and data format to safeguard security, data confidentiality, system integrity as well as less disruptive implementation and adoption; (iii) security standards to ensure transaction security for consumers, encompassing authentication, authorisation, encryption and continuity of services; and (iv) governance standards, including regulations on governing body standards, standardised contracts, consumer protection principles and minimum requirements for third parties using Open API.

Input and feedback concerning the consultative paper may be submitted by email or conventional letter no later than 30th April 2020, using the subject “Feedback for the Consultative Paper on Open API Standards towards Open Banking and Interlinkages between the Banking Industry and FinTech as Payment System Service Providers”. Submissions or requests for further information may be sent to the following:

- PIC: Working Group Standar Open API (

  • E-mail: Working Group Standar Open API (
  • Letter: Departemen Kebijakan Makroprudensial, Menara Syafruddin Prawiranegara, Lantai 4, Jl. MH Thamrin No. 2, Jakarta 10350



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