Open banking connector
Software that moves bank transaction data between systems on published standards.
An open banking connector is software that moves a bank’s account and transaction data into another application through published interfaces — a regulated open-banking API, a statement standard such as ISO 20022 camt.053 or MT940, or a documented push API — rather than a private, one-off integration. 2Fin’s open connector reads camt.053, MT940, OFX, QIF and CSV statements and takes transactions through an OAuth 2.0 push API.
The word open carries two meanings in this market. In regulated regimes such as Open Banking, PSD2 or the Consumer Data Right, it means an accredited party reading data through a bank’s mandated API with the customer’s consent. In the wider sense it means open specifications anyone can implement. 2Fin’s connector is open in the second sense: it is built on published formats and documented APIs, and 2Fin is not an accredited data recipient under those regimes.
Worked example
A BaaS platform’s customer wants their account in 2Fin. They can export a camt.053 statement and import it today; the platform can push each transaction through the OAuth 2.0 API once the customer approves the connection; or, where SimpleFIN or BankSync reaches the bank, the customer connects a feed with their own key.
Common mistake
Assuming every open banking connector holds a regulator’s accreditation. Many connect through statements, keys the customer holds or a bank’s own developer API instead, so check which route a connector uses before relying on it for a regulated purpose.
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Related terms
Banking-as-a-Service (BaaS)
A licensed bank offering accounts, cards and payments to other companies through APIs.
camt.053 (ISO 20022 bank statement)
The end-of-day bank statement in ISO 20022 XML.
SimpleFIN
An open protocol for read-only bank data, through a server you choose.
Transaction categorisation API
An API that sorts raw bank transactions into categories.
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Questions about this term
Open banking connector: common questions
- What is the difference between an open banking API and an open banking connector?
- An open banking API is the interface a bank exposes for account data, often under a regulation. A connector is the software on the receiving side that reads one or more such sources — APIs, statement files or feeds — and turns them into records another application can use.
- Do you need an accreditation to build an open banking connector?
- Only to read data through a regulated regime’s API, such as the Consumer Data Right or account information services under PSD2. A connector that reads statement files, feeds a customer connects with their own key, or a bank’s own developer API works under that bank’s or provider’s terms instead.
- How can a bank get its connector listed in 2Fin?
- By sending 2Fin its API documentation or sample statements, the standards and countries it covers, and a sandbox with a technical contact. Once 2Fin’s adapter passes testing, the bank is featured in the bank picker and the connector docs; the open banking connector page has the details.
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