In the last decade, numerous banks have established developer portals to release their open APIs. Developers can visit these portals, register, and leverage the bank’s APIs for their business initiatives.
But is this truly open banking in action?
While many banks may assert it is, I believe there’s more to creating a successful open banking platform than just offering APIs.
Open banking transcends mere external API connections. It requires consistency across the bank’s entire API ecosystem. This standardization acts as a catalyst for effective open banking deployment.
In this context, open banking compels businesses to treat APIs as products. Amplify Enterprise Marketplace embodies this principle.
The Importance of Treating Open Banking APIs as Products
When banks open their APIs to external developers, these developers become customers—essentially, they hold the power to decide which APIs to adopt, which to discard, and ultimately, which banks to engage with.
Approaching open banking APIs from this perspective underscores the value of adopting an API product mindset.
To effectively market and sell APIs as products, banks must prioritize developers—their customers. While a developer portal facilitates technical access and collaboration, an API marketplace overlays a business-service-level view on these elements.
Here, developers can readily discover relevant open banking APIs and access comprehensive information and documentation for consumption. This includes product summaries, use cases, and demo applications guiding users through consent and setup procedures.
Moreover, developers can obtain all necessary credentials to begin testing endpoints. Test harnesses enable them to familiarize themselves with APIs, even integrating them into tools like Postman for added comfort.
When banks cater to developers with the same focus they apply to retail customers, it enhances the user experience, accelerating adoption of open banking APIs.
Laura Heritage, Banking and Financial Services Leader at Axway, succinctly captures this sentiment in a recent Q&A video on enhancing adoption of open banking APIs.
The Amplify Platform Solution for Open Banking
Amplify Enterprise Marketplace, leveraging our robust universal API management solution and infrastructure, opens new avenues for banks to expedite their open API expansion.
This platform empowers banks to swiftly publish open banking APIs within a thriving ecosystem, enabling value-driven solutions.
Key Features of Amplify Marketplace Driving Results
- An intuitive developer experience fostering productivity.
- Access to pre-built open banking APIs conforming to dominant standards.
- Security, identity, and consent aligned with your infrastructure.
Amplify Marketplace presents APIs in a user-friendly manner. Developers navigating to an API encounter a business page detailing its functionality in plain language, supported by comprehensive documentation and outreach links. This page can be customized to align seamlessly with the bank’s brand, from layout to content.
This framework allows for a fully personalized experience.
With APIs equipped with subscription mechanisms and integrated credentials, developers can easily onboard and commence using APIs independently—from initiation to execution.
Equipping Banks with Tools and Expertise
At Axway, we offer more than an open banking solution; we bring two decades of API management and integration expertise to empower you with the open banking edge.
Axway assists banks in navigating the complexities of open banking, ensuring they remain responsive to evolving consumer demands without compromising internal systems.
As the concept of open finance evolves into open data, banks poised in the open banking arena are primed to seize broader opportunities.
Source: https://blog.axway.com/industry-insights/banking-finance/full-power-open-banking-apis
About DT Asia
DT Asia began in 2007 with a clear mission to build the market entry for various pioneering IT security solutions from the US, Europe and Israel.
Today, DT Asia is a regional, value-added distributor of cybersecurity solutions providing cutting-edge technologies to key government organisations and top private sector clients including global banks and Fortune 500 companies. We have offices and partners around the Asia Pacific to better understand the markets and deliver localised solutions.
