BIS Fintech Project Aperta: Enables end-to-end encrypted data to enhance global financial data interoperability

The Bank for International Settlements (BIS) recently launched a project called Project Aperta, with the aim of enhancing global financial cross-border flows and reducing financial friction costs. It aims to connect open financial infrastructures across different countries or regions to improve transaction efficiency. The initial use case is focused on trade finance for small and medium-sized enterprises (SMEs), and it will expand to more application areas in the future.

Aperta Solves Global Financial Data Fragmentation, Enhances Interoperability

The Bank for International Settlements (BIS) pointed out that global trade and financial enterprises face many difficulties when using financial products such as letters of credit, trade credit insurance, and supply chain financing. These challenges not only involve cumbersome processes but also lack data digitization and portability, ultimately leading to low efficiency and increased costs.

Although approximately 70 countries and regions are currently promoting Open Banking to enable different financial institutions to share data and services, the lack of consistency in standards and agreements among countries has made data interoperability difficult, increasing system decentralization and complexity.

The goal of Project Aperta is to prevent data fragmentation, enhance interoperability, connect open financial infrastructures of different countries, and enable seamless cross-border data flow to reduce friction costs in trade finance and support small and medium-sized enterprises (SMEs) in cross-border trade.

Aperta's Partners

• Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre
• Central Bank of the United Arab Emirates
• Central Bank of Brazil
• Financial Conduct Authority (FCA) UK
• Hong Kong Monetary Authority (HKMA)
• Global Legal Entity Identifier Foundation (GLEIF)
• International Chamber of Commerce Digital Standards Initiative (ICC DSI)
• Standard Chartered Foundation FinTech Academy, The University of Hong Kong

Allows End-to-End Encrypted Data Sharing and Transmission via APIs

Aperta is an experimental platform that enhances cross-border interoperability, connecting financial systems of different countries or regions to facilitate mutual exchange and data sharing. Aperta is multilateral, enabling third-party providers - banks, fintech companies, or other financial institutions - to seamlessly connect to third-party providers in other countries or regions, promoting cross-border data transmission efficiency.

These data include payment and account data, letters of credit, and electronic bills of lading used in international trade. Aperta allows data to be transmitted via APIs with end-to-end encryption protection, ensuring data privacy and security, and only the transacting parties can view and utilize this data.