Though in Europe there are more than 6000 credit institutions, banks, financial companies, and more, top payment consultancy INNOPAY has listed only 32 banks who work with Open APIs. SDK.finance team headed by our CTO, Pavlo Sidelov decided to perform our own analysis of the technical state of the enlisted APIs. What we have found is that only 2 banks out of 32 comply with the standard. By the standard, we imply that developers, who are the end-users of APIs, can build the products they need in a fast and hassle-free manner.
The key characteristics of a good API are:
- rich core banking API functionality;
- fast and easy onboarding processes;
- good documentation and working source code examples for major programming language;
- a marketplace or an application constructor.
Maybe it doesn’t come as a huge surprise but the majority of the banks are still at the beginning of their API journey. They simply don’t go far beyond history transactions, P2P transfers, meaning “check-the-compliance box” approach.
The critical questions are:
- Who are those two indisputable leaders which fully comply with the suggested API standard?
- What are the most common drawbacks of those banks who have the unsatisfactory technical state of their open APIs?
- How can banks make use of APIs?
- Why ROI calculation of API implementation is important?
You can find the answers and the full insight by Pavlo Sidelov in the Open Banking Report by the Paypers.