Citizens sharpens its open banking edge with a new API design
- Citizens Bank rebooted its open banking API this year, updating the framework for today’s needs.
- Citizens’ Head of Product Management for Access & Delivery Channels unpacks the launch of the bank’s revamped open banking API framework and the problems it tackles.
One framework, many doors.
Citizens Bank hit reset on its open banking API earlier this year, modernizing the framework.
The bank began developing the new framework in 2023 under Financial Data Exchange (FDX) standards, phasing out older patchwork APIs and the risk of screen scraping. The beta arrived in mid-2024, with the full launch in Q1 2025.
The new API framework gives business, commercial, wealth, and private banking customers the same access through a single endpoint, making integration easier for fintechs and platforms with mixed user bases. The system adjusts its data output based on the account type.
In the longer term, the move positions the bank for faster collaboration with fintechs and data aggregators, creating pathways for new services to reach customers more quickly. For both businesses and individuals, this could mean smarter financial planning, more tailored products, and an improved banking experience that blends well with the tools they already use.
Oscar Gonzalez, Head of Product Management for Access & Delivery Channels at Citizens, walked me through the bank’s decision to launch its new open banking API framework and the pain points it aims to solve.
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