TemplateFREE⏱️ 90-120 minutes
Banking API Product Spec Template
Free template for specifying open banking API features. Covers API endpoint design, authentication flows, data models, rate limiting, PSD2/open banking...
Updated 2026-03-05
Banking API Spec
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Frequently Asked Questions
How does this differ from a standard API spec?+
Banking APIs have regulatory requirements (PSD2, Strong Customer Authentication, consent management) that standard API specs do not address. This template includes sections for consent flows, compliance status tracking, and sandbox test scenarios specific to financial data.
Should I use REST or GraphQL for a banking API?+
REST is the standard for open banking APIs. PSD2-compliant APIs, the UK Open Banking standard, and the FDX standard all use REST with JSON. GraphQL can work for internal APIs, but third-party developers and regulators expect REST.
How do I handle API versioning?+
Use URL-based versioning (`/v1/`, `/v2/`). Support the previous major version for at least 12 months after a new version launches. Communicate deprecation timelines through your developer portal and changelog.
What rate limits should I set?+
Start conservative and increase based on usage data. 120 requests per minute per TPP is a common baseline for production. Sandbox environments should have lower limits (60/min) to prevent abuse while still being usable for testing.
How long should consent last?+
Under PSD2, account information consent expires after 90 days and must be re-authorized. Payment initiation consent is per-transaction. Check your specific regulatory framework, as rules vary by jurisdiction.
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