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An application programming interface model for open banking ecosystems
Journal of Payments Strategy & Systems,
14
(1),
75-91
(2020)
Abstract
This paper proposes a model for an open banking application programming interface (API) ecosystem that supports the expansion of open banking APIs beyond the regulatory minimum. The paper uses specific banking business scenarios as candidates to drive the requirements for a broader set of open banking services. Using the API model framework, specific examples of ‘value-add’ services are identified to support the scenarios. Future market constructs and associated APIs needed to support a burgeoning ecosystem are proposed and elaborated. Barriers to their development and the realisation of a fully functioning open banking ecosystem are also discussed.
Keywords: open banking; PSD2; CMA Order; API economy; payment initiation
The full article is available to subscribers to the journal.
Author's Biography
Gary S.D. Farrow is Director of Triari Consulting, a consultancy specialising in regulatory technical consulting and a provider of IT architecture services for the financial sector. Gary has deep domain specialism in payments systems architecture and cash/liquidity management, and broad experience across multiple financial services domains. His work on payments systems architecture has been published widely. His professional qualifications include Fellow IET, Chartered Engineer and Open Group Master Certified Architect and TOGAF Certification. Gary is a member of the IT Architecture Certification Board for the Open Group. He holds BSc and PhD degrees from Manchester University and is an alumnus of Warwick Business School.
