SWIFT has today published a blueprint for common API standards following collaboration with European banking standards bodies, STET and Berlin Group NextGenPSD2 \u2013 who together represent many of the region\u2019s banks and payment service providers.<\/p>\n\n\n\n
As pressure from regulators and customers shift banking towards more open access to financial services, SWIFT is playing a lead role in unlocking the potential of API technology by providing a neutral collaboration platform to develop the common data standards the industry needs.<\/p>\n\n\n\n
SWIFT\u2019s white paper, Towards a global platform for the Financial Services API economy, published today, concludes that a successful transition to an API-based financial ecosystem is only possible if financial standards bodies converge towards a shared business standardization methodology.<\/p>\n\n\n\n
Regulators around the world have identified the need for interoperability among financial institutions as they move towards a more open banking model. SWIFT, STET, and Berlin Group NextGenPSD2 are at the center of efforts to avoid fragmentation, isolation, and the needless complexities that will frustrate attempts to build the value-added services that customers want.<\/p>\n\n\n\n
SWIFT is working to minimize inefficiencies caused by differing regulatory specifications that could limit opportunities for common API frameworks across different regions and potentially require different solutions for every market. The cooperative has lent its long-standing expertise in standards, specifically ISO 20022 \u2013 the standard for electronic data interchange between financial institutions \u2013 to work alongside STET and Berlin Group NextGenPSD2 in Europe to define the building blocks for the new services that will spring from the new API economy.<\/p>\n\n\n\n
Stephen Lindsay, Head of Standards at SWIFT, said: \u201cAPIs are at the core of SWIFT\u2019s strategy and a key part of how we deliver a faster, more transparent experience to our customers. Overall, the financial services industry has been slow to adopt APIs, but it\u2019s catching up fast. With the wealth of experience, we have to work with standards at SWIFT, it is fitting that we\u2019re at the forefront of API standardization and efforts to avoid fragmentation of approach as the industry embraces API technology. In our role as a neutral facilitator, we have made the most of our unique position to create and maintain the standards necessary for processing financial transactions efficiently and securely.\u201d<\/p>\n\n\n\n
SWIFT, STET, and Berlin Group NextGenPSD2 have concluded a first phase where a business model for the PSD2 Account Information Services has been defined using common standards. This data model will be the foundation for any API definitions and will enable interoperability among PSD2 participants. This work follows a successful collaboration on the creation of a common API framework between SWIFT and Australia\u2019s New Payments Platform (NPP).<\/p>\n\n\n\n
Onur Ozan, Head of Middle East, North Africa & Turkey, SWIFT, said: \u201cWhile regulations such as PSD2 do not directly impact Middle Eastern banks, they are still exploring how open banking and APIs can help deliver a better service for their customers. SWIFT\u2019s blueprint for common API standards will help local and regional banks do business with European customers, develop world-class products and services and remain competitive in this increasingly digital world.\u201d<\/p>\n\n\n\n
Herv\u00e9 Robache, PSD2 API Coordinator at STET, said: \u201cSTET has been involved with PSD2 API topics since 2016. Our participation in different working groups at the European level has confirmed our assumption that there is strong demand for common standards. Having the building blocks that can accommodate all business needs and be reused by all API providers is critical to achieving this goal, which is why the development of this ISO20022 model is such an important and exciting development.\u201d<\/p>\n\n\n\n
Dr. Ortwin Scheja, Chief Editor at Berlin Group NextGenPSD2, said: \u201cFor Berlin Group NextGenPSD2, alignment and convergence on PSD2 API standards have always been a crucial objective which has consistently been communicated into the market since the start in 2016. The alignment with SWIFT and STET on the PSD2 relevant data models is a perfect example of a core component in the harmonization that Berlin Group NextGenPSD2 advocates. We believe that open and harmonized PSD2 API standards are the necessary building blocks of an interoperable market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
SWIFT has today published a blueprint for common API standards following collaboration with European banking standards bodies, STET and Berlin Group NextGenPSD2 \u2013 who together represent many of the region\u2019s banks and payment service providers. As pressure from regulators and customers shift banking towards more open access to financial services, SWIFT is playing a lead […]<\/p>\n","protected":false},"author":2,"featured_media":9023,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"1","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"1","_extra_featured_post":"0","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-8897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n