CIO/CTO Checklist: Open Banking Standards and Impact on API Development

Report Summary

CIO/CTO Checklist: Open Banking Standards and Impact on API Development

Open banking has effectively turbo-charged the development of banking APIs. 

 

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Mitch Wein
Head of Financial Services CIO/CTO Advisory

August 4, 2022 – APIs have evolved considerably in the last few years as banking processes have digitized, especially in response to the COVID-19 pandemic. Open banking, in particular, has created opportunities to deploy new financial products and services through partnerships between banks and fintech firms, neobanks, or software vendors. Open banking and data privacy regulations in the U.K. and the EU are working together to create a regulated environment that APIs must work within, and while regulation is lagging for open banking in the U.S., open banking processes are nonetheless evolving quickly. 

This report discusses how to optimize the IT organization’s readiness to manage and deliver APIs that enable advanced integration and open banking in partnership with non-IT business areas and external firms. To develop the findings and the checklist covering API development and open banking impacts, Aite-Novarica Group reviewed its recent research and external articles on the topic and observed best practices in banking IT organizations. 

This 26-page Impact Report contains six figures and three tables. Clients of Aite-Novarica Group’s Financial Services CIO/CTO Advisory service can download this report and the corresponding charts. 

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This report mentions Checkout.com, DataGrail, Envestnet Yodlee, Financial Data Exchange (FDX), Flinks, Microsoft, MX, Nacha, Osano, Plaid, Skyflow, Square, Stripe, and Tridentsys. 

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