On 13 May 2021, the Hong Kong Monetary Authority (HKMA) released its implementation plan for Phases III and IV of the Open API Framework (click here to read our previous blog on the launch of the Open API Framework in July 2018). The initial batch of API functions for Phases III and IV, covering deposit account information and online merchant payments, are expected to be implemented progressively by participating banks starting from December 2021 (access the full timetable here).
The HKMA will facilitate the Hong Kong Association of Banks to develop a set of standards to cover key areas including (i) customer experience and authentication; (ii) technical and data standards; (iii) information security; and (iv) operational standards. The Common Baseline will also be refined to cover the implementation of Phases III and IV. Both the standards set and the refined Common Baseline are expected to be published by the end of 2021.
The HKMA has commissioned an external consultant to make recommendations regarding implementation of Phases III and IV, the results of which were published in a report entitled “The Next Phase of the Banking Open API Journey”. Participating banks are encouraged to refer to recommendations in the report to facilitate the effective implementation of the next two phases.