Open Banking in Spain

Spain transposed PSD2 through Real Decreto-ley 19/2018, with the Banco de España responsible for oversight and licensing of third-party providers. Major Spanish banks including Santander, BBVA, CaixaBank, and Sabadell have implemented XS2A interfaces.

Redsys, Spain's payment infrastructure provider, has developed a PSD2 API Hub that serves as a centralized connectivity point, reducing the integration burden for fintechs seeking to connect to multiple Spanish banks. This hub approach is relatively unique within Europe and has helped improve API standardization.

BBVA has been a notable innovator, launching its own open banking platform (BBVA API Market) that goes beyond PSD2 minimum requirements. Spain's large banking market, high internet penetration (94%), and a growing fintech sector based in Madrid and Barcelona make it a significant open banking market. The consolidation of the Spanish banking sector in recent years has concentrated API development among fewer, larger institutions.