Open Banking and Open Standards: A Match Made in Heaven?

Last week we discussed the importance of APIs for Open Banking, and how financial organizations are looking to APIs as the primary building block to transform their digital presence. Reliance on APIs makes sense for financial industries in particular, as APIs can help modernize legacy systems, streamline processes, and fuel consumer engagement without a complete infrastructure overhaul. However, as financial companies begin to develop API strategies, some struggle to identify the best way standardize the design, use, and analysis of the APIs they employ.

Well-designed APIs require a deep understanding of the problem they’re solving as well as the ability to be reused and easily understood by consumers and internal users alike. Standardizing API design and development is the first step in creating quality APIs, which means leveraging frameworks like OpenAPI Specification to shape the development process. Definition driven API development, or designing the API’s definition first before any other lifecycle operation, offers a plethora of benefits.

For FinTech, Open Banking and PSD2, well designed APIs are the only way to succeed. To learn more about how financial industries can leverage Definition-Driven Development to accelerate their API initiatives, tune in to our VP of Performance Products, Anand Sundaram’s talk, Unlocking Open Banking with Definition- Driven API Development at Nordic APIs on March 22! Keep an eye out for the highlights of his talk on the blog next week!

 

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