Royal Bank of Canada has opened an API portal to encourage the development of new products by third parties using the bank's data.
RBC is initially offering five API packages in the portal, which the bank claims is the first of its kind in the Canadian financial services marketplace. Each API package delivers the data elements, orchestration and business logic required to deliver the end to end business process.
"Across other industries we've seen the transformational effect of APIs," says Sumit Oberai, SVP, digital technology, RBC. "By providing external developers, industry innovators and clients with access to select RBC APIs, we have the opportunity to increase connectivity, create new tools and experiences for clients, and enable open and innovative collaboration to improve the future of banking."
Once registered and approved to use the RBC Developers portal, external parties will be able to browse and learn about the APIs offered and build, test and deploy their applications using these APIs.
The first five datasets on offer include a credit card catalogue, mortgage down payment calculator, branch locater, amortization scheduler and safety deposit box inventory.
Oberai says new API packages will gradually be added over time.
The opening of the portal follows the announcement last month by Canada's government of a review into the merits of introducing an open banking regime which would give consumers the ability to share their financial data with third parties.