APIdays London 2019

Open Banking – The Brand , the Challenges and the Future
Amit Mallick, Global Open Banking and APIs Lead @ Accenture Digital

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With #DecodingAPIBanking​ series, we will be breaking down concepts revolving around banking APIs. Questions like, what, how and why of API Banking will be addressed in this series.

In this episode, we talk about the different types of banking APIs that you can choose from depending upon the financial service you intend to provide.

To learn more visit: https://open.money/banking/api-banking-model

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#API​ #APIBanking​ #BankingAsAService​ #Banking​ #Neobank​ #EmbeddedFinance

First, I should quickly explain what I mean by Open Banking. Simply put, it allows the owner of a bank account to grant third-party access to that bank account. They can control what accounts can be seen, how long that access can be granted for and for what purpose.

The bank account owner (your customer) feels safe doing this because they are authenticating directly with their bank, using their online banking credentials, confident that the third party won’t see or store them.

The beauty of the US Open Banking API is that it handles the connections to all the banks (10,000+ US connections), provides a secure dialog so the account holder can authenticate, and caches the financial data so when you execute a query it comes back quickly (not having to make a round trip to the bank every time).

So, let’s dive into the video which will walk you through how to get started with the API. It will cover how to register on Mastercard Developers, create a project and add the US Open Banking API to that project, get the API credentials you need to access the API, run the Postman Collection, authenticate with the API, create a Test Customer, allow that customer to connect to their bank and grant access to one or more accounts. It will then show you how to pull that list of accounts back, query transactions, and create test transactions.

It looks like a lot but, as you will see from the video, these steps are fast and intuitive.

Timeline

· 00:00 Introduction
· 00:55 Register on Mastercard Developers
· 01:53 Overview of Open Banking flow
· 03:41 Create a project
· 05:32 Run the Postman Collection
· 08:06 Authenticate
· 09:15 Create a test customer
· 12:05 Connect to the bank account
· 14:55 Refresh customer account data
· 16:05 Query transactions
· 17:30 Create test transactions

Speaker: Matthias Biehl, API Strategist at Software AG

In recent years, the Open Banking strategy of many banks has been focused on regulatory compliance. Now, banks increasingly start to embrace the opportunities of Open Banking, triggered by changed client needs and expectations, accelerated by COVID-19 pandemic, and inspired by successful Open Banking applications of pioneering banks.

To be in the best position for realizing the benefits of Open Banking, banks at this stage need to translate the opportunities of Open Banking into clear API strategies. In this talk, we study six API strategy blueprints for Banks and fintechs. These strategies allow banks to leverage Open Banking while still keeping the customer interface – or innovate even further with their APIs and share more of the value chain with fintechs.

To learn more about API strategies from Software AG, please visit https://www.softwareag.com/en_corporate/platform/integration-apis.html.