Beyond APIs: Building a True Open Banking Platform
Over the past decade, many banks have launched developer portals to share their open APIs, allowing developers to sign up and use these APIs to drive their business initiatives. But is this truly open banking in action?
While some banks may say yes, I would argue there’s much more to creating a successful open banking platform than simply providing APIs.
Open Banking: More Than Just External API Connections
Open banking involves more than just external API connections. It requires a consistent and standardized API ecosystem across the bank. This standardization is crucial for accelerating successful open banking deployment.
In this context, open banking necessitates treating APIs as products. That’s where Amplify Enterprise Marketplace comes into play.
Why Open Banking APIs Should Be Treated as Products
When banks open their APIs to external audiences, developers become their customers. These developers are the decision-makers, choosing which APIs to use and which to discard, ultimately determining who they’ll do business with.
Viewing open banking APIs through this lens underscores the importance of an API product mindset.
To effectively market and sell APIs as products, banks must prioritize developers—their customers. While a developer portal offers technical access and collaboration, an API marketplace goes a step further, providing a business-service-level view that enhances the developer experience.
YouTube link: https://youtu.be/xK9LvYFJpr0
Developers can easily find the open banking APIs that meet their needs and access all the necessary information and documentation for seamless integration. This includes product overviews, use cases, and demo applications that guide them through the consent and setup process.
Moreover, developers can obtain the credentials needed to test endpoints, allowing them to familiarize themselves with the APIs. For added convenience, they can even start using APIs in Postman.
When banks treat developers with the same care and attention they give their retail customers, they create a compelling user experience that accelerates the adoption of open banking APIs.
YouTube link: https://youtu.be/Qljxiy8psKU
The Amplify Platform: Accelerating Open Banking
The Amplify Enterprise Marketplace—built on Axway’s proven universal API management solution and infrastructure—offers banks new opportunities to accelerate their open API growth. This platform allows banks to quickly publish open banking APIs within a thriving ecosystem, enabling value-driven solutions.
Three key features of the Amplify Marketplace contribute to its success:
- Intuitive Developer Experience: The platform supports developer productivity by making APIs easy to find and use.
- Pre-Built Open Banking APIs: These APIs are based on industry standards, ensuring compatibility and ease of integration.
- Security, Identity, and Consent: The platform aligns with your existing infrastructure to maintain robust security.
Amplify Marketplace presents APIs clearly and simply. When developers click on an API, they’re taken to a business page that explains what the API does in straightforward terms. The page also includes documentation and links for further support. This business page can be white-labeled, allowing banks to integrate it seamlessly into their user experience, both in terms of layout and content.
With subscription mechanisms and built-in credentials, developers can quickly move from exploration to implementation, enjoying a complete self-service experience from start to finish.
Beyond Tools: Expertise for Open Banking Success
At Axway, we offer more than just an open banking solution. With 20 years of experience in API management and integration, we help banks navigate the complexities of open banking. As consumer demands evolve and add complexity to internal systems, Axway provides the foundation banks need to continue meeting these open banking requirements.
And as the open banking landscape evolves, opportunities expand. We’re already seeing the shift from open banking to open finance, and even further, toward open data.
Axway is here to help you stay ahead in this rapidly changing environment, enabling your bank to harness the full potential of open banking and beyond.
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.
How we help
If you need to know more about open banking APIs, you’re in the right place, we’re here to help! DTA is Axway’s distributor, especially in Singapore and Asia, our technicians have deep experience on the product and relevant technologies you can always trust, we provide this product’s turnkey solutions, including consultation, deployment, and maintenance service.
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