Across the payments industry, a global migration to payment services based on open Application Programming Interfaces (APIs) is under way. Whatever the cause—the steady flow of new immediate payments schemes, the European PSD2, or the rise of FinTech service providers—it is clear that the momentum towards open APIs is now irreversible.
The rise of open APIs has profound implications for banks and financial institutions. This white paper explores the driving forces behind the open API movement. Through real-world examples, it shows how financial institutions worldwide are deploying and benefiting from open API-based initiatives. Balancing time-to-market considerations with the realities of legacy technology environments, it also sets forth a comprehensive roadmap for banks seeking to survive in the open API-enabled future of financial services.