Open Banking APIs
In the EU, PSD2 requires banks to provide access to account and customer information. Live implementations are beginning to emerge around the world.
The lack of standardized APIs has led to broad use of unsafe practices — practices that create risk for users and financial institutions.
If you’re not participating in Standards Development, then you’re either re-inventing the wheel or playing by somebody else’s rules.
The IFX Forum is embarking on an important initiative for banks and technology partners to collaborate on standardizing Open Banking APIs.
This is an opportunity to define and deliver smoothly functioning services into the financial marketplace using standardized APIs.
It may not be fair, but we have a head start!
The IFX Forum has a ready-made foundation for this collaboration.
- Established in 1997, the IFX Forum grew out of the needs for home banking and internet banking solutions in the late ’90s – we’re based on banking and SOA!
- The IFX standard contains 1000s of data elements and 100s of messages specifically designed for banks by banks and bank partners over 18 years.
- Vendors and banks sit face-to-face – IFX members and users already include many product vendors and service providers – ready to collaborate.
- IFX Forum has strong relationships with other SDOs* including BIAN, ISO 20022, X9, Federal Reserve Remittance Coalition.