OpenFASTER Specification

OpenFASTER defines an interoperable protocol and data exchange format that Certified Financial Intermediaries (CFIs) can use to exchange the data and events required for indirect reporting under MiKaDiv and FASTER. The standard supports both pull and push modes, is based on BIRD (ECB), and specifies end-to-end encryption for all transmissions between CFIs.

This is a working draft. All details marked with TODO are placeholders for future specification work.

To join the OpenFASTER working group, contact info@openfaster.org.

Introduction

OpenFASTER is a vendor-independent standard for data exchange in the EU withholding tax and dividend reporting domain. It was developed in cooperation with the financial industry to enable CFIs to interoperate for indirect reporting, including the collection of supplementary data such as (e)TRCs. The scope is purely operational: building technical infrastructure that makes indirect reporting efficient and standardized across the EU.

Scope

The OpenFASTER specification covers:

TODO: Protocol for data exchange between CFIs
TODO: Pull and push exchange modes
TODO: Data formats and message schemas
TODO: Event definitions for indirect reporting
TODO: End-to-end encryption requirements

OpenFASTER does not address legislative or business-logic aspects such as anonymous reporting.

Terminology

CFI: TODO: Certified Financial Intermediary — definition to be specified.
indirect reporting: TODO: Data exchange between banks for withholding tax and dividend reporting.
pull mode: TODO: Exchange pattern where data is requested and retrieved.
push mode: TODO: Exchange pattern where data is sent proactively.
eTRC: TODO: Electronic Tax Residency Certificate (or equivalent) — definition to be specified.

Technical Foundation

BIRD Alignment

OpenFASTER is based on the Bank Integrated Reporting Dictionary (BIRD) by the European Central Bank.

TODO: Specific BIRD artifacts and mappings to be specified.

Encryption

All data transmitted between CFIs MUST use end-to-end encryption.

TODO: Encryption algorithms, key management, and TLS requirements to be specified.

Regulatory Context

OpenFASTER aligns with the EU FASTER initiative. Key dates:

Milestone	Date
Standardized dividend reporting (MiKaDiv)	January 1, 2027
Full regulatory reporting under FASTER	January 1, 2030

Protocol

TODO: Protocol specification (transport, authentication, message flow).

Transport

TODO: Supported transports (e.g., REST, messaging) and selection rules.

Authentication

TODO: Mutual authentication and identity verification between CFIs.

Data Formats

TODO: Schema formats (e.g., JSON, XML), versioning, and evolution.

Message Structure

TODO: Envelope, payload, metadata, and correlation fields.

Event Definitions

TODO: Event types, schemas, and sequencing for indirect reporting.

Universal Reporting Workflow

Implementations of OpenFASTER support the following workflow:

Data import — TODO: Sources, formats, ingestion requirements.
Normalization and validation — TODO: Rules, completeness checks.
Entity chain reconstruction — TODO: Beneficial owner, intermediaries, jurisdictions.
Report generation — TODO: Report types, templates, recipients.
Secure transmission and audit — TODO: Channels, audit trail, traceability.

Architecture

Deployment

Implementations MAY operate inside a bank's infrastructure. Each legal entity MAY have a segregated environment for data isolation and compliance.

Integration

TODO: Integration patterns (APIs, batch imports, file formats).

Conformance

A conforming OpenFASTER implementation MUST implement the protocol, data formats, and encryption requirements specified in this document. TODO: Formal conformance criteria to be specified.