API Strategy for Open Banking: Insights and case studies from leading open banking experts and API strategists.

by Nordic APIs, Chris Wood, Thomas Bush

As banks treat their software assets more like products, monolithic infrastructure is decomposing into reusable, API-first components. Within API Strategy for Open Banking, we present a holistic API perspective on open banking, featuring best practices and case studies from some of the world's leading open banking initiatives. Within API Strategy for Open Banking, we present a holistic API perspective on open banking. We cover PSD2, open banking benefits, developer experience tips, frameworks for high-grade security and access management, and more. We've featured best practices and case studies from some of the world's largest open banking initiatives. PSD2 EU regulation unlocked consumer data, spurring an open banking global response. Making the bank programmable is a win-win-win for banks, developers, and end consumers, but simply being an API provider doesn't guarantee an open banking advantage. It requires "API thinking" to take a holistic outside perspective that considers developer consumer needs. As banks treat their assets more like products, monolithic infrastructure is decomposing into an amalgamation of reusable components. The financial industry has opened up, to much excitement. However, not all open banking initiatives are successful. In fact, 92% of consumers haven't heard of open banking. So how do we make them care? Banks can encourage adoption by improving the developer onboarding process and evangelizing an internal API mindset. Within API Strategy for Open Banking, we cover business reasons to adopt API-first open banking and see how open banking is being adopted in the EU, US, and UK markets. API Strategy for Open Banking also describes how to adopt an API specification like OpenAPI to organize and standardize API design practices. It also considers how API security open standards like OAuth and the OpenID Connect FAPI profile can be used to track identity and keep open banking architecture secure.

123 pages, Kindle Edition

Published June 15, 2020

Reviews

[Gabriel Santos · Rating 4 out of 5]

Quite useful reading with some very good insights. It is a collection of good articles on the theme, like an HBR approach. The book starts giving an overview on the premises of open banking, what institutions and fintechs are doing in order to excel, enabling platforms and ecosystems and still gives a glimpse on how security protocols are being discussed and designed for the open anything scenario.

[Curtis Nybo · Rating 5 out of 5]

Awesome read for those interested in open banking. As a consultant with an upcoming project in the open banking strategy space, this was a perfect primer on the topic.

[João Maia · Rating 3 out of 5]

Textos curtos que fazem um bom resumo do assunto Open Banking, quem não conhece a área recomendo pois é um livro curto e vai abordar vários assuntos.