Member Article

BIAN launches digital API Exchange to help banks drive faster open banking innovation

Over 60 standardised API definitions to be made available to the Industry at no cost

Independent not-for-profit standards association, The Banking Industry Architecture Network (BIAN), today announces the launch of its API Exchange, an online digital library containing over 65 standardised API definitions. The definitions help to reduce the complexity of building and delivering open banking capabilities for banks, providing clear guidance on how to implement, innovative and intuitive digital services across both back-end and customer facing functions. This will allow banks to react to the limitations with modernising legacy technology and changing customer expectations more quickly, and with less cost.

APIs are critical building blocks for banks, allowing them to simplify the process of adding innovative technology, and improve the overall efficiency of the business. However, archaic and convoluted banking IT architecture is a major barrier for banks, making it difficult to categorise disparate core IT systems into clear business functions. BIANs goal is to help them overcome this by aligning with a framework that is standardised across the whole international banking industry. This will enable incumbents to collaborate with challenger banks, technology experts and fintechs with IT systems and APIs that are in-sync.

The API Exchange has been created by over 35 developers from across the BIAN member network of leading banks and technology vendors, including PNC, Microsoft, Citi, IBM and Virtusa (full list below). The current API library will support banks with building modern processes around customer offers and on boarding, payments, loans, and mobile access, with additional API definitions to be added in the coming months. Banks, software vendors and fintechs can access definitions from the API Exchange at no cost, once registered online. All APIs have been created using BIAN established data models and in accordance with the ISO20022 global standardisation approach, ensuring integration compatibility across all major technology platforms used by banks today. The BIAN API Exchange is currently hosted on Azure, Microsoft’s enterprise-grade cloud computing platform.

Commenting on the launch of the API Exchange, Hans Tesselaar, Executive Director of BIAN said: “An open library of standardised API definitions will supercharge banks’ digital transformation efforts. BIAN’s member community has done all the leg work; our network of leading banks and technology businesses have worked hard to create impactful APIs for a large majority of critical banking functions, ensuring they meet global standards, and work reliably. This means banks can overcome current business challenges around modernisation and focus on what matters most: getting smarter and more innovative services to customers much faster”. He adds: “This announcement is the beginning of a new era in software development for the financial services industry. We will continue growing this online resource, creating building blocks to drive unified progress in modern banking services and the move to micro services”.

Chae An Vice President, CTO, Financial Services Sector IBM Global Markets: “IBM’s partnership with BIAN on the API Exchange initiative brings the financial services industry closer to an inclusive ecosystem, giving both banks and fintechs much needed access to open banking resources. IBM is committed to growing the API economy and accelerating adoption by banks via our participation in standards development and the creation of complementary products such as the IBM Open Banking Platform.” Chamindra de Silva, Head of Platforms, Virtusa: “We strongly believe that BIAN is moving in the right direction to introduce and apply their standards in the form of open source APIs and Microservices. Not only it will connect the dots to realize the benefits of standardization, but also achieve rapid acceleration in integration, quality assurance and partnerships in the banking industry. We are privileged to support BIAN in this journey using our strong background and experience in building innovation platforms for banks.”

Nitin Sirohi, TCS Financial Solutions: “We have been actively participating in the BIAN roadmap since 2012. The component repositories of our flagship product TCS BaNCS are mapped to the latest versions of BIAN service landscape. BIAN API Exchange equips our customers to adopt standards based integration approach into their internal and external eco-systems. BaNCS APIs including BIAN standards will enable our customers to nimbly create innovative solutions around TCS BaNCS digital core and generate incremental value for their businesses.”

Janet Lewis, Vice President, Worldwide Financial Services Industry at Microsoft: “It is a transformational time for the financial services industry. As a BIAN founding member, Microsoft eagerly worked side-by-side with industry leaders to bring the API Exchange to market to help drive standardized adoption of innovative services. We believe open technology and APIs set the foundation for a cloud- and AI-powered future for the industry, and are happy to host the API Exchange on Microsoft Azure.”

This was posted in Bdaily's Members' News section by BIAN .