API Strategy for Open Banking
API Strategy for Open Banking
Insights and case studies from leading open banking experts and API strategists.
About the Book
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.
- Foreword: Embracing Open Banking
- Preface: APIs Support the Open Banking Movement
The Premise of PSD2 And Open Banking
- Open Banking: The Premise and Promise
- What PSD2 Means For Banks
6 Reasons to Embrace an API Strategy for Open Banking
- 1. Compliance
- 2. Improved Digital Agility
- 3. Premium API Products
- 4. Increased Customer Satisfaction
- 5. Potential for Collaboration
- 6. Wider Client Base
Bring on the Players: Who Wins in Open Banking?
- What Open Banking Really Means
- Comply-first Providers
- Open-first Providers
- Plotting the Opportunity
- Final Thoughts
Case Study: Nordea’s Journey to PSD2 Compliance, 300 Signups in 72 Hours
- A World Beyond PSD2 Compliance
- Final Thoughts
FinTech and APIs: Making the Bank Programmable
- What is FinTech?
- Advantages of Exposing a Bank with an API
- Banks and FinTech Can Play Nice
- Use of APIs: In-Account App Marketplace Concept
- Data Transparency and the Rise of Open Banking
- New Platforms Lead to Unexpected Innovation
- More Advances in the Financial Sector
How Can Consumers Relate To Open Banking?
- Building Context for Consumers
- Open Banking Must Foster Trust With End Users
- Control Matters
- The Open Banking Marketplace
- Final Thoughts: How to Establish Consumer Faith in Open Banking
How Banks Are Becoming Uberized
- APIs are Nothing New
- Smartphones: Kindling a Change
- Time to API Up
- Building with Purpose
How Does Open Banking Apply to US Banks?
- Regulation in Europe
- Regulation in the US
- The Role of the Market
- Final Thoughts
Case Study: From API Doing to API Thinking at ING Bank
- APIs versus Web Services: What’s the Difference?
- API Doing vs API Thinking
- APIs and Customer Journeys
- Why API Doing is Equally Important
- From API Doing to API Thinking
Open Banking Amplifies the Need For Definition Driven APIs
- Adjusting Practices With The Shifting API Landscape
- How OpenAPI Specification (OAS) Accelerates API Development
- Supporting OAS Throughout the API Lifecycle
- Final Thought: Drive Open Banking API Strategies with OAS
High-Grade API Security For Banks
- Regulatory Compliance Considerations
- Identifying Vital Data
- Potential Vulnerabilities
- API Security Methodologies
- Security is The API Provider’s Responsibility
- Recent Exploits and Breaches
Is OAuth Enough for Financial-Grade API Security?
- Can OAuth Make The Grade?
- Some Tokens Are Unbearer-able
- Away With The PKCEs
- Signed, Sealed, Delivered
- What’s Next For Financial Grade API Security?
OpenID Connect: Overview of Financial-grade API (FAPI) Profile
- What is FAPI?
- Adding Resilience: The Read-Only Profile
- Bullet-Proofing: The Read-Write Profile
- Improving OAuth 2.0: JWT-Secured Authorization Codes
- Decoupling Authentication: Client-Initiated Backchannel Authentication
- Final Thoughts
Case Study: Growing Internal API Consumption in Danske Bank
- The Path Towards APIs
- Set-and-Forget Performance
- Identifying Setbacks… and Addressing Them!
- The Results
It Started With PSD2 and Personal Data
- The Status Quo
- Regulatory Impact
- The Open Banking (and Data) Landscape
- Final Thoughts
- Nordic APIs Resources
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