German banks launch giroAPI Scheme to boost innovation and interoperability in Open Finance

 

Anh Hai Dang from the Association of German Banks discusses the launch and development of the giroAPI Scheme, highlighting its purpose, structure, and impact.

The European banking landscape is rapidly evolving, driven by Open Banking initiatives, regulatory changes, and growing demand for seamless digital financial services. In this environment, standardisation, interoperability, and secure data exchange have become critical for banks, fintechs, and other market participants.

In January 2025, the associations of the German Banking Industry Committee officially launched the giroAPI Scheme. This new framework allows banks to establish the foundation for a future-oriented API infrastructure that, in its initial phase, enables third-party providers to efficiently deliver innovative services in payments and account information. Extensions toward Request-to-Pay and Open Finance are already in development.

giroAPI’s first-year market challenges

In its first year, the giroAPI Scheme faces the challenge of positioning itself in the market, gaining visibility, and building trust among banks, fintechs, and other market participants. Its aim is to develop a strong market presence and establish itself as a reliable standard for secure and uniform data exchange in European payments.

Two sub-schemes: Payment and Financial Information

At its launch, the giroAPI Scheme comprises two sub-schemes: Payment and Financial Information. The Payment Sub-Scheme enables licensed Payment Initiation Service Providers (PISPs) to initiate payments directly and seamlessly, while the Financial Information Sub-Scheme supports Account Information Service Providers (AISPs) in retrieving account data in a structured and standardised way. Both sub-schemes are designed for maximum flexibility, opening up new business opportunities for asset brokers and other third-party providers in the evolving Open Banking ecosystem.

Commercial model

The giroAPI Scheme opens up possibilities that go far beyond merely meeting the legal requirements of PSD2. The focus is on creating value-added services that offer tangible benefits to both third-party providers and customers. This further development is intended to harness the potential of Open Banking in a targeted manner to promote innovative services, new business models, and stronger networking within the European payment system.

Positioning giroAPI in the European context

At the same time, the giroAPI aims to ensure the widest possible applicability for users at European level while also ensuring close compatibility with other European initiatives and schemes. The German Banking Industry Committee (GBIC) sees greater technical and functional convergence between giroAPI and the SPAA Scheme (SEPA Payment Account Access) as a significant opportunity to secure existing investments and further promote European interoperability in the Open Banking environment.
The GBIC welcomes the use of common standards, especially those based on the Berlin Group. The aim is to engage in constructive cooperation with the European Payments Council (EPC) that both creates genuine added value for customers and avoids market fragmentation. European cooperation on an equal footing is expressly desired and actively supported, seen as an important step towards a stronger, more connected, and sustainable European payments landscape.

Use cases: direct benefits for end users and businesses

The giroAPI offers a wide range of attractive options in the Payments sub-scheme. For example, the business transaction ‘Confirmation of IBAN access’ allows the customer to confirm to a third-party via an API call that they have access to the specified account. Asset brokers can use this, for example, to secure direct debits. The business transaction ‘Payment with disposition’ lets the payer authorise the asset broker to execute a payment to be carried out by the asset holder. The difference to a normal transfer or scheduled transfer is that the amount to be paid has already been authorised, so the asset broker can be sure of receiving the requested amount. Meanwhile, business transaction ‘Micropayments’ enables micro payments via the giroAPI to be approved without entering an SCA.
In addition, the Financial Information sub-scheme offers extended account information services. For the first time, savings, loan, or card accounts can be queried. Through these use cases, giroAPI enables simpler account management, secure and seamless payments, and an improved user experience for private customers and businesses.

Broad market participation ensures high reach

By the first joining window in February 2025, a three-digit number of institutions had joined the giroAPI Scheme as Asset Holders. Additionally, the first Asset Brokers joined both sub-schemes, gaining access to all current and future participating banks and savings banks through their standardised APIs. In doing so, giroAPI is creating a growing ecosystem of interoperable APIs that ensures wide market coverage and connectivity from day one.

Technological foundation: Berlin Group`s openFinance API

The giroAPI Scheme builds on the Berlin Group openFinance`s API, a well-established European standard that has already proven successful under PSD2. What sets giroAPI apart is the consolidated governance within a single scheme, providing planning certainty, consistency, and regulatory compliance for all market participants. For customers, this means faster, more convenient payments and more targeted, efficient access to account information, improving both the user experience and the efficiency of financial services.

Rollout phases

The rollout of giroAPI is progressing steadily. In February 2025, the first banks joined the Scheme, followed by the first asset broker in May, with more asset brokers joining in August. The expansion of the sub-scheme payments to include ‘multiple recurring payments’ is scheduled to be completed by the turn of the year 2025/2026.

Looking ahead, the introduction of another sub-scheme with the Request-to-Pay function is planned for 2026. A specific expected completion date cannot be given at present, as the giroAPI Scheme is understood to be an ongoing development process. Market requirements and feedback from participants are continuously taken into account in order to optimise and expand functions. With the possible introduction of FIDA (Financial Data Access Regulation), the giroAPI Scheme could also form an important building block for the future implementation of European Open Banking initiatives.

Conclusion

Through the giroAPI Scheme, the German Banking Industry has created a framework that fosters innovation and collaboration, enabling third-party providers to enhance existing offerings and develop new solutions – from digital payment applications and multi-banking services to products leveraging Open Finance opportunities. By standardising APIs at the scheme level, giroAPI strengthens Europe’s competitiveness, supports efficient processes, and lays the groundwork for new business models within a unified digital finance ecosystem.

About the author

Anh Hai Dang is an Associate in the Banking Technology and Security department at the Association of German Banks, where he is responsible for the giroAPI scheme.

 

 

About the German Banking Industry Committee (GBIC) 

The German Banking Industry Committee (GBIC) is the voice of the leading German banking-sector associations. These are the National Association of German Cooperative Banks (BVR), the Association of German Banks (BdB), the Association of German Public Banks (VÖB), and the German Savings Banks Association (DSGV).