What Is Open Banking?
Open banking refers to the global regulations and initiatives that make it easier to safely connect financial systems with internal and third-party applications and services. Helping organizations eliminate technical and process silos is critical to:
- Drive innovation and growth.
- Prevent vendor lock in.
- Give consumers greater insight and control over their money as well as service options.
- Simplify collaboration between departments and organizations.
- Adopt modern, microservice architectures and animated workflows.
What Are Open APIs in Banking?
Open APIs in banking are the application programming interfaces that enable internal and third-party developers to connect with new and existing financial systems, including legacy, “black box” siloes.
How Can Open Source Help Improve the Success of Open Banking Initiatives?
To compete — and in some cases, comply with regulations — financial service organizations must adopt open banking initiatives. Success is easier, however, when organizations design and deploy solutions that address challenges and requirements holistically.
Read the Open Banking With Open Source white paper to learn the basics about open banking and the key factors required for success, including the:
- Required cultural, IT, and service transformations.
- Business challenges around security, time to revenue, and staff efficiency.
- IT challenges involving security, integration, and scalability.
- The transition from monolith to microservice architectures.
- Advantages of using open source technologies.
- The types of offerings organizations can create when they adopt open banking.
- Recommendations for speeding time to market, minimizing costs, and cutting risk.