FinTech integration is the work of connecting an organization's systems to financial technology services, such as account data, payments and lending, through APIs and shared data standards. The term has no originator and no standard definition. This entry covers the rules and standards behind three of its connection points: open banking for account data, ISO 20022 for payment messages, and US bank supervisors' guidance on third-party relationships.
Account data in the UK and EU: open banking
In 2016, the UK Competition and Markets Authority (CMA) published a report on the UK retail banking market. One of its recommendations to address weak competition was open banking.
Open Banking Limited, the Implementation Entity described in the CMA Order, built the UK's Open Banking Standard. Since 2018, customers and small businesses have been able to share their current account information with third-party providers. Open Banking Limited publishes the API specifications and security profiles needed to participate in open banking and meet PSD2 and RTS requirements.
In January 2023, the CMA announced the completion of the Implementation Roadmap.
In the EU, the second Payment Services Directive (PSD2) is Directive (EU) 2015/2366. The European Commission has proposed a new Payment Services and Electronic Money Services Directive (PSD3). On November 27, 2025, the European Parliament and the Council reached political agreement on the Commission's two proposals revising PSD2.
Account data in the US: Section 1033 and FDX
Section 1033 of the Consumer Financial Protection Act of 2010 provides that a covered entity, such as a bank, must make transaction data and other information about a consumer's financial product available to that consumer on request, subject to rules from the Consumer Financial Protection Bureau (CFPB). It also directs the CFPB to set standards that promote standardized data formats.
On October 22, 2024, the CFPB released a final rule requiring data providers to make covered data available to consumers and authorized third parties in electronic form. On August 22, 2025, the CFPB released an advance notice of proposed rulemaking to reconsider the rule. The CFPB's rulemaking page states that it is in the process of writing regulations to implement Section 1033.
The Financial Data Exchange (FDX) is a consortium of over 200 financial institutions, fintechs, data aggregators and others. It works to unify the financial industry around a common standard for access to permissioned consumer and business financial data, and publishes the FDX API specification. FDX describes itself as a recognized standard setter. It released FDX API version 6.4 in spring 2025.
Payment messages: ISO 20022
Swift describes ISO 20022 as an open global standard for financial information that provides consistent, rich and structured data for every kind of financial business transaction.
When a bank integrates a fintech: third-party risk
In June 2023, the Federal Reserve Board, the FDIC and the OCC issued final interagency guidance on risk management for third-party relationships. It sets out their views on sound risk management for every stage in the life cycle of a third-party relationship.
The agencies state that the guidance applies to all third-party relationships, including those with fintech companies. They state that a banking organization should understand how an arrangement with a fintech company is structured so it can assess the risks and decide how to manage the relationship.
Sources
Checked November 5, 2026.