In keeping with its core mission, the IFX Forum has established a strategic priority around the creation of industry-wide standard open APIs. The new Open APIs Working Group will develop a standardized way to address the growing impetus for banks to provide more open access to their data, in place of proprietary APIs (application programming interfaces) being developed by financial institutions and vendors.
Bank customers worldwide are demanding more freedom to share their account information with third parties in order to get the services they want. In the EU, open banking APIs are becoming a regulatory requirement; elsewhere, banks are being put in positions where they must provide greater access while simultaneously protecting privacy and sensitive information.
The Working Group is tackling:
- Adapting the IFX specification to REST architecture, JSON implementations and fine-grained IFX message-enabled services
- Other implications for IFX, such as smaller messages, Service/API standardization strategies, IFX versioning considerations, and compatibility implications, as well as GUI, access control and code generation modifications
- Input from current implementers of APIs, with discussion of REST strategies and performance and coding style considerations
Leading multinational companies have committed resources to the Open APIs initiative, including ACI Worldwide, NCR, Oracle, Tata Consultancy Services, U.S. Bank and Wells Fargo. The WG’s initial face-to-face meeting is taking place at the IFX Forum Annual Meeting in Orlando.
The formal charter for the Open APIs WG was recently approved by the IFX Forum Steering Committee.