Unlock Open Banking with Definition-driven API Development
1. Unlock Open Banking with
Definition-driven API
Development
Presentation Title
AnandSundaram
SmartBearSoftware
March22,2018
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Software Innovation is
Business Innovation
Presentation Title
2
It’s resulting in improved digital experiences
throughout the customer journey.
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APIs are the fundamental
building blocks behind business
innovation today.
Currently, mostAPIs are internal facing.
But that is soon to change.
Public FacingAPIs will increase in numbers
as Open Banking gains momentum!
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Complexities of Public API
Growth
QualityCollaboration
API
Challenges
Security
PerformanceScalability
Compliance
The increase in public APIs in the finance sector
will create an increase in the challenges that API
developers and consumers will face in deploying
well-adopted services.
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Balancing Your API Development
Freedom Governance
Management Insight & Transparency
Standards & Consistency Across Teams
Efficiency & Productivity
Bottom up selection of tooling
Bring your own best-of-breed toolset
Leverage Open Source and Ecosystems
Striking the right balance between practitioners and
stakeholders is key to keeping API development
frictionless.
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Presentation Title
How Can We Combat These Challenges?
Definition Driven
Development
Continuous
Testing
Service
Virtualization
Continuous
Monitoring
Designing and building your API with a standard spec like
Swagger will encourage collaboration and speed up work across
development and test.
Make sure that a sense of ownership of “testing” and “quality”
is felt equally by the development, testing, and operations
teams.
Virtualize services so that fragile, production, or 3rd Party
services are always available for integration, e2e, and
performance testing.
Monitoring your applications performance and user experience
pre and post production to shorten downtimes and outages.
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Nordic APIs – APIs for Banking and FinTech
Create Great APIs, Without Tradeoffs
DEV TEST OPS
Centralized Governance/Reporting
+
Design,
Develop, &
Document APIs
OAI/Swagger Spec
Create Automated
API Func. Tests
Func.
Testing
Test
Script
Virtualize APIs,
and other Services
Service
Virtualization
Load
Testing
1. Performance,
2. Availability, &
3. Correctness
4. Dist. Tracing
5. Anomaly
Detection
Monitoring
Workflow Integrations with Tools
1. Use of a Standard
2. Collaboration
3. Improve Quality
4. Generate Interactive
Doc
5. Publish and Market
1. Unit Testing
2. Automated test
generation
3. CI/CD Integrations
1. Use Spec to
Mock up APIs
for dev and test
2. No impact to
production API
3. No fees, switch
when ready
1. Re-use tests
2. Load, Perf. and
Stress Testing
3. Predictable
degradation
under load
Ensure Scalability
of APIs and
Microservices
EUX, GEOs, &
Performance
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Example of Fintech Company using Open Banking APIs
StarlingBank
• UK/Ireland Mobile based Challenger Bank.
• Open API
• Starling Marketplaceallowing 3rd parties share their mobile
applications (developed withthe Starling Bank Open API) to
be shared with existing users.
• TransferWise
• Moneybox
• Flux
• Provide a developer portal withdocumentation powered
by the Open APISpecification.
• Quarterlyhackathons allowing developers tocreatenewest
and best apps viathe Starling Bank API.
Nordic APIs – APIs for Banking and FinTech
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Example of Fintech Company using Open Banking APIs
HongKongMonetaryAuthority
• Launched its own OpenAPI framework.
• Open API
• Easier trade with EU
• Across 4 phases
• Product and Servicesinformation
• Customer Acquisition/New Applications
• Account Information
• Transaction processing
• Largest retails targetedfirst
• APIstandards and technicalprotocols are recommended, whereas
PSD2 leavesbanks todecide whattype of interfaceis used
Nordic APIs – APIs for Banking and FinTechNordic APIs – APIs for Banking and FinTech
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We provide tools for development, testing, and operations teams
to create great software, faster than ever.
AccelerateSDLCWorkflows | ImproveQualityatEveryStage | RealizeRapidTime-to-Value
• European HQ in Galway, with 7 offices globally
• Founded in 2009
• Open Source Innovator (Swagger & SoapUI)
6.5M+
Users
194
Countries
22K+
Companies
TestComplete
SoapUI Pro
SwaggerHub
CrossBrowserTesting
QAComplete
AlertSite
Nordic APIs – APIs for Banking and FinTech
Increase the competitiveness of Hong Kong’s banking sector
Generate opportunities to reach out to untapped markets through better customer experience
Define Open API use cases and deployment timeframes
Recommend Open API technical standards
Recommend Open API facilitation measures
Phase 1 – Product and Service Information: Access to frequently-used product information by customers from their bank on a "read only" basis, helping financial product comparison sites. Banks will be expected to implement these APIs within six months of the framework’s finalization.
Phase 2 – Customer Acquisition/New Applications: Customer acquisition through online applications for credit cards, loans and some insurance products, including via Third Party Providers (TPPs). Banks will be expected to implement this within twelve months of finalization.
Phase 3 - Account Information: Retrieval of both stand-alone and aggregated account information, helping TPP services that aggregate information for customers across multiple accounts and banks or perform analytics to gain customer insights. The timeline for this phase will be discussed later between HKMA and the banks in Q4/2018.
Phase 4 – Transaction Processing: Enabling TPPs to communicate customers' payment instructions to banks. Again, the timeline will be discussed later between HKMA and the banks in Q4/2018.