5 key points for Banks, to develop and implement. their APIs / Open Banking strategy

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Establish an API Center
of Excellence
for Banks, working to
develop and implement,
their APIs / Open Banking
strategy
key
points
The multidisciplinary skills and knowledge needed for
fast and effective API development aren’t easy to
come by. You need to start developing the right
capabilities, within your organization, in areas such as
API creation, security, management, monetization and
maintenance.
Create an API
developers portal
A key feature of open APIs is that they allow you to grow
communities of developers around your APIs. The sooner
you go public the better – starting to interact with the
Developers communities, will greatly assist you in
understanding the true potential of Open Banking and
fine-tune your strategy & tactics! Your developers portal,
is the APIs Banking Channel “Digtal Branch”…
Decouple legacy
systems
A major Open banking, technical challenge, for many
banks, is dealing with legacy systems. Open APIs can be
“incompatible” with existing infrastructure. Leveraging
Open Architectures allows you to decouple legacy
systems from your API strategy.
Corporate customers are
your first APIs consumers4
The first consumers of Open banking APIs will be corporate
clients. E.g. to enable seamless integration from the
customer’s TMS / ERP. This empowers Corporate Users to
conduct all their banking activities directly from their own
environment and can lead to rapid acquisition of new
customers for the bank.
The Open Banking evolution
requires “foreign” DNA
DON’T TRY TO DO EVERYTHING ON YOUR OWN! It takes time
to build a Center of Excellence and, even when you have,
the range of skills and experience required to continually
innovate and improve, can be difficult to access, just when
you need them. You need to work with a forward thinking,
trusted, partner, who will challenge the status-quo & ensure
you are always one step ahead in product, technical and
compliance expertise, to shape your open API strategies.
Experience the
Future of FinTech APIs…
today
PAYMENTCOMPONENTS.COM
London
64 Princes Court, 88 Brompton Road,
Knightsbridge, London SW3 1ET, UK
Tel. : +44 2071 172 538
Athens
14 Chatziantoniou Street,
Marousi, 151 24, Greece,
Tel. : +30 210 6145 050
info@paymentcomponents.com
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