Independent not-for-profit standards association, The Banking Industry Architecture Network (BIAN), has today announced new additions to its API Exchange.
The digital library will now include 22 new API definitions focused on helping banks tackle key business challenges in the areas of payments, cards and fraud. This update takes the number of API definitions hosted on the portal to 89.
The newly added APIs will allow banks to introduce more modern payment processing and KYC capabilities. Specifically, they will allow more effective on-boarding of new card accounts, faster transferring of funds between accounts, device administration and management, and ease the process involved in transitioning physical cards into virtual wallets. With these new functions in place, banks will be able to offer their customers a better user experience and increased security when using their cards. These increased capabilities will be paramount for banks both now and in the future.
Commenting on the launch of the update, Hans Tesselaar, Executive Director of BIAN said: “We’re very pleased to announce the new additions made to our API Exchange. The team has continued working hard after the portal launched last October to develop new definitions designed to address the pressing business challenges banks are facing currently. We remain on target with our goal to create an accessible repository of high quality APIs and Microservices, to help banks modernise quickly and more cost effectively.”
Customers are increasingly favouring digital first experiences in banking, with 22 percent of consumers using mobile apps or online banking more than ten times a month. This is compared to only 2 percent of consumers who claim they visit the physical branch in the same frequency. The changing needs of the consumer, combined with competition from challenger banks, and the rise of fraud across the industry means the adoption of more modern services to address these changes is becoming increasingly critical.