Open API

OpenAPI and Open Banking initiatives are growing quickly around the world for the financial services and payments industries.

This growth has not been uniform, and many approaches have evolved independently across the world. There are thousands of new initiatives which are using Open APIs. This is creating major opportunities for financial institutions but this innovation is also presenting new challenges.

Challenges

There are many challenges that FIs must consider:

  • Many payments and open banking initiatives require industry body compliance such as  OpenBanking, PSD2 and MAS Singapore. Ensuring rules and regulations are followed can be time consuming for operational teams looking to reduce any operational and regulatory risk.
  • Any Open APIs must be secure as they are governed by major regulation dealing with consumer privacy and security. Most FIs adopt a continuous approach to API security across the development and delivery cycle.
  • Performance and scalability are also a prime consideration and FIs must work within measures service level agreement targets. Having a true measure of performance is critical in order to participate and take full advantage of initiatives in different regions.
  • Open banking has introduced Open APIs that break down entire business processes into discrete consumable entities. This has led to a number of API marketplaces offering access to banking APIs. These marketplaces act as the portal for API discovery driving the self-service and innovation agenda with B2B, fintech and regulated third-party providers.

Iliad – The t3 Platform

How can the t3 platform help your institution to take advantage of the new opportunities that Open API presents? Here are some of the key features:

Certification

With t3, financial institutions can test their ability to ‘consume’ external APIs or build and ‘publish’ their own.  t3 can build internal sandboxes, or create white-labelled sandboxes which allows participants to assess their ability to work with you. Switching from Sandbox to Certification mode allows participants to move towards a self-service certification process. The result is a major reduction in the time it takes to get a new payment component to market.

Integrated testing

t3 also allows financial institutions to integrate and test APIs with their existing systems in conjunction with new payment rails.  An API call and response is generally a component part of a much broader sequence of events. The t3 platform allows you to orchestrate these steps into true end-to-end tests or certification packs.

Global expertise

t3 is at the heart of national OpenAPI initiatives. Our technology is trusted to remove friction from the adoption of these new services as financial institutions look to innovate securely and at pace. The t3 platform works with both RestAPIs and newer emerging technologies such as Grpc.  These can run independently or in conjunction with each other. From the discovery of API endpoint, to importing a schema t3, the tests can be running within hours.  These can then be shared across all users globally in an instant.

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