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Within API Strategy for Open Banking, we present a holistic API perspective on open banking. We cover PSD2, open banking benefits, developer experience tips, frameworks for high-grade security and access management, and more. We’ve featured best practices and case studies from some of the world’s largest open banking initiatives.
PSD2 EU regulation unlocked consumer data, spurring an open banking global response. Making the bank programmable is a win-win-win for banks, developers, and end consumers, but simply being an API provider doesn’t guarantee an open banking advantage. It requires "API thinking" to take a holistic outside perspective that considers developer consumer needs. As banks treat their assets more like products, monolithic infrastructure is decomposing into an amalgamation of reusable components.
The financial industry has opened up, to much excitement. However, not all open banking initiatives are successful. In fact, 92% of consumers haven’t heard of open banking. So how do we make them care? Banks can encourage adoption by improving the developer onboarding process and evangelizing an internal API mindset. Within API Strategy for Open Banking, we cover business reasons to adopt API-first open banking and see how open banking is being adopted in the EU, US, and UK markets.
API Strategy for Open Banking also describes how to adopt an API specification like OpenAPI to organize and standardize API design practices. It also considers how API security open standards like OAuth and the OpenID Connect FAPI profile can be used to track identity and keep open banking architecture secure.