Open Banking & Finance

Accelerate Open Banking with Sensedia

As global leaders in open banking, we leverage APIs to connect directly to banks and innovate beyond regulation. Skip the middlemen and unlock embedded finance and payments, and innovative solutions that comply with CFPB regulations for banks, credit unions, and fintechs.

Simplify and accelerate CFPB open banking adoption

Using Sensedia's API platform and open banking expertise, financial institutions can quickly unlock core system data to offer innovative, CFPB-compliant services, and build customer-centric experiences through embedded finance.

We are experts in open and embedded finance ecosystems

Clients and partners leverage Sensedia's platform to accelerate innovation, building and connecting innovative banking products and embedded finance solutions delivered to customers exactly when and where they are needed.

Open banking for banks, credit unions, and fintechs

Sensedia is the top choice for fintechs looking to connect directly with banks, credit unions seeking to unleash the potential of their legacy systems, and banks wishing to enhance their adaptability and integration capabilities to stay on top.


Open Banking Basics: A Crash Course for Banks and Credit Unions

Sensedia provides a turnkey solution built on FDX standards, emphasizing the vast opportunities it offers banks, credit unions, and fintechs.

Forrester Wave

Leading the Way in API Management

We received industry recognition as a Leader in the global report The Forrester Wave™: API Management Solutions, Q3 2022, receiving the highest scores in Product Vision, Planned Enhancements, Supporting Services, and Market Approach.


Our experts are global leaders in open banking

We collaborate closely with you on API design and implementation, meeting CFPB compliance and security certifications, consent management, and conducting sandbox testing. This partnership ensures an accelerated and seamless adoption of Open Banking best practices, free from surprises.


Enhance your embedded payment solutions

We manage the collection of customer data across various institutions, allowing you to concentrate on innovation and the development of new payment systems, and embedded solutions such as QR Code, RTP, and FedNow, all while focusing on governance, scalability, and CFPB compliance.

Partner Ecosystems

Manage open partnership ecosystems

Utilize our interactive dashboards to access comprehensive API data and user consent records, efficiently manage certificates and maintenance, and ease the process of integrating and onboarding partners, aligning with our discussions on enhancing financial services and compliance.

Regulatory compliance

Innovative solutions that go beyond CFPB compliance

Designed for security, scalability, and interoperability, Sensedia's API platform delivers ready-to-use support compliant with Consumer Financial Protection Bureau (CFPB) directives on data privacy and user consent, such as the FDX API standard, ensuring robust protection and seamless integration.

Begin your Open Banking journey today

Leveraging Sensedia's technical expertise and a mature Open Banking platform, you can seamlessly enter the Open ecosystem and explore new business opportunities.

Additional Products

Discover our entire suite of products

API Management Platform

Easily manage the full lifecycle of your APIs.

Sensedia Integrations

Create and manage integration flows with ease.

Service Mesh

Achieve agility in developing, operating, and evolving distributed applications.

API Adaptive Governance

Ensure the security and flexibility of your architecture with confidence.

Events Hub

Enable event distribution that react to business moments in real-time.

Frequently asked questions

Find the answers to the most common questions about our Open Banking platform.

How do APIs facilitate open banking and what standards are followed in the US?

APIs, or Application Programming Interfaces, are the foundation of open banking, enabling third-party developers to access and utilize the functionalities of banking systems in a secure and controlled manner. APIs serve as the essential "bridges" that facilitate seamless communication and interaction between software systems. 

In the United States, there is currently no widely adopted or regulated singular standard. However, various protocols and standards have emerged to address this, including the Financial Data Exchange (FDX) and the Consumer Financial Protection Bureau (CFPB)  standards. FDX is a unified protocol with the objective of establishing a secure and interoperable standard for sharing consumer financial data. The CFPB, launched on October 19, 2023, is targeting the implementation of fair, transparent, and competitive practices for financial services consumers.

Despite the lack of a singular standard, API implementations must be built with security, scalability, and interoperability in mind to facilitate secure data exchanges and compliance requirements.

What is open banking and how does it work in the USA?

Open banking is a system where banks and other financial institutions provide access to their data via application programming interfaces (APIs). This enables third-party developers to build innovative applications and services around financial institutions. Open banking is intended to provide more consumer choices, improve the customer experience, and promote economic efficiency. While open banking is mandated by regulations like PSD2 in Europe, its advancement in the USA is primarily driven by market forces and the competitive landscape between banks and fintech companies, currently the FDX and the CFPB are working on new regulations that aim to protect consumer data and enforce fair practices.

What are the potential benefits and risks of open banking in the USA?

The potential benefits of open banking include a more competitive market, increased innovation, better financial management tools, and better, more customized products and services for consumers. However, open banking also introduces new risks, particularly concerning data privacy and security. 

With an increasing number of third parties gaining access to sensitive financial data, the potential for data breaches or misuse of information becomes more pronounced.

What is the Consumer Financial Protection Bureau (CFPB)?

The CFPB was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace. Before, that responsibility was divided among several agencies. Today, it’s our primary focus.

What is the Financial Data Exchange (FDX)?

FDX is a nonprofit organization in the US and Canada dedicated to establishing a common and secure standard, the FDX API, for accessing consumer and business financial data. It includes a diverse board of directors and a global membership of financial institutions, data aggregators, fintechs, and others focused on user-permissioned financial data sharing.

What does the proposed CFPB ruling on section 1033 mean?

The CFPB is currently working on what they call "Required Rulemaking on Personal Financial Data Rights." The objective is to create rules that ensure banks or other financial institutions must provide all information relative to the consumer’s data. 

The CFPB is now in the process of writing regulations to implement section 1033. According to a process set up by Congress in the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA), the CFPB is obligated to gather a group called the Small Business Review Panel. This panel talks to people who represent small businesses that might be directly affected by the rules the CFPB is thinking about making. They do this to get opinions and feedback on how these rules might affect small businesses.

On October 27, 2022, the CFPB released two key documents. One outlines their proposals for the Personal Financial Data Rights Rulemaking, including legal aspects, the rulemaking process, and impacts on small businesses. The other is a summary and discussion guide for these proposals.

Why choose Sensedia?

We have been closely monitoring Open Banking since its inception and actively involved in its evolutionary agenda. Our unrivaled expertise in this market-disrupting initiative enhances the experience of our clients in the financial sector.