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5 key points for Open Banking APIs


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5 key points for Banks, to develop and implement. their APIs / Open Banking strategy

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5 key points for Open Banking APIs

  1. 1. 1 2 3 5 Establish an API Center of Excellence for Banks, working to develop and implement, their APIs / Open Banking strategy key points The multidisciplinary skills and knowledge needed for fast and effective API development aren’t easy to come by. You need to start developing the right capabilities, within your organization, in areas such as API creation, security, management, monetization and maintenance. Create an API developers portal A key feature of open APIs is that they allow you to grow communities of developers around your APIs. The sooner you go public the better – starting to interact with the Developers communities, will greatly assist you in understanding the true potential of Open Banking and fine-tune your strategy & tactics! Your developers portal, is the APIs Banking Channel “Digtal Branch”… Decouple legacy systems A major Open banking, technical challenge, for many banks, is dealing with legacy systems. Open APIs can be “incompatible” with existing infrastructure. Leveraging Open Architectures allows you to decouple legacy systems from your API strategy. Corporate customers are your first APIs consumers4 The first consumers of Open banking APIs will be corporate clients. E.g. to enable seamless integration from the customer’s TMS / ERP. This empowers Corporate Users to conduct all their banking activities directly from their own environment and can lead to rapid acquisition of new customers for the bank. The Open Banking evolution requires “foreign” DNA DON’T TRY TO DO EVERYTHING ON YOUR OWN! It takes time to build a Center of Excellence and, even when you have, the range of skills and experience required to continually innovate and improve, can be difficult to access, just when you need them. You need to work with a forward thinking, trusted, partner, who will challenge the status-quo & ensure you are always one step ahead in product, technical and compliance expertise, to shape your open API strategies. Experience the Future of FinTech APIs… today PAYMENTCOMPONENTS.COM London 64 Princes Court, 88 Brompton Road, Knightsbridge, London SW3 1ET, UK Tel. : +44 2071 172 538 Athens 14 Chatziantoniou Street, Marousi, 151 24, Greece, Tel. : +30 210 6145 050 5