APIs and the Rise of Open Banking
Fast, Open, Secure and Disruptive.
New regulations mandate an open banking ecosystem where financial data is shared through third-party APIs.
Building a truly open payments platform puts you ahead of the competition when it comes to generating new revenue streams as digital payments explode.Open APIs Contact Us
Payments Meet the Open Banking Platform
WHAT IS OPEN BANKING?
Open banking is a new standard established by European regulators and the UK government, instructing banks on how to deal with their customers’ financial information.
It is an open source API that provides access to third-party developers and applications. It allows software developers to link one discreet software application to another, enabling the two to communicate and interact to develop new functions, capabilities and aggregate accounts.
Watch the Video: Break Down Walls w/ Open Payments and Open Partnerships
MONETIZING WITH OPEN SOURCE APIS
Everyone in payments is talking open APIs and open banking. But how can banks protect their existing infrastructure and business, and take advantage of new payment opportunities afforded by the European Union’s PSD2 (Payment Services Directive) and an open ecosystem?
Watch the Video: The Role of Open APIs in Payments
HOW ARE OPEN SOURCE APIS BEING USED NOW?
API technology opens up payments schemes and moves away from proprietary protocols and networks. Some of the more well-known open APIs are being used on platform-type businesses like Facebook, Twitter and Amazon. Open API examples include:
- Facebook offers an open API that lets any third party access its authentication system, based on a technical standard known as OAuth. This way, businesses can sign up new users without having to manage, secure and maintain their own identity management system, and users get a seamless experience.
- TripAdvisor’s mobile app allows visitors to locate a restaurant nearby and then offer to book an Uber ride to the location, or a Groupon offer involving a discounted ticket on Ticketmaster.
LEARNING TO THRIVE WITH AN OPEN PAYMENTS PLATFORM
The industry is marching ahead with new open banking models and open regulatory environments such as the European Union’s PSD2 framework and open API initiatives. Open Banking has become a movement in payments that’s stimulating competition, innovation and collaboration among all kinds of providers.
In a new open payments report, ACI and First Annapolis answer:
- What are the key pillars of payments ‘Openness’?
- How will PSD2 and Open API’s impact my organization?
- How can I use Open API’s to better meet customer needs?
Open Trends and Industry Influence
44% Of Fintechs Ranked Open APIs as an Opportunity (For Growth) in 2017
Open APIs Ranked the #1 Most Important Trend in UK Finance
46 Of Banks Believe APIs to be a Top Opportunity for Partnerships