The Berlin Group, a European initiative focused on standardizing Open Banking and Open Finance APIs, announced that the European Central Bank (ECB) has joined as a non-voting observer participant.
This agreement was formalized by SRC Security Research and Consulting, which acts as the Secretariat and Editorial Lead of the Berlin Group. It has gained support from nine Berlin Group Plenary participants through their Letter of Endorsement.
As a non-voting observer, the ECB will participate in the development process of the Berlin Group’s standards and can submit change requests. SRC will handle these requests, including technical review and reporting, to ensure that the standards meet evolving digital euro requirements. Change requests will be processed on a best-efforts basis with agreed priority and timelines.
Digital Euro Alignment and Market Implications
The ECB’s participation aligns with recommendations in the draft digital euro regulation to utilize open European standards that promote interoperability. The Berlin Group’s standards encompass requirements from banks, regulated third-party providers, fintech companies, associations, payment schemes, and interbank processors, defining common, interoperable API frameworks.
The ECB’s involvement signifies a move toward aligning the digital euro’s technical framework with existing private sector Open Banking standards. The goal is to create an open digital euro standard that serves as a free European alternative to current proprietary standards, reducing barriers for new European payment providers and providing certainty for investment and innovation across the euro area.
Piero Cipollone, Executive Board member of the ECB and chair of the High-Level Task Force on a digital euro, highlighted that this partnership underscores a commitment to ensuring the digital euro works with existing European standards that can also be used by the private sector. Markus Schierack, Managing Director of SRC, emphasized that the ECB’s participation is a positive development for the broader European payments ecosystem built on open and interoperable standards.
