APIs are widely used for communication between IT systems. With the shift from connected to open ecosystems FIs start using open APIs for sending instructions. Messages are being sent in multiple formats and protocols. Market participants need to have a modern development tools enabling creation of APIs in multiple standards.
Goals and Objectives
- Simplify and institutionalize external connectivity
- Improve ecosystem exposure, visibility, and access through better design and orchestration of APIs.
- Accelerate innovation and improve security and stability through rapid prototyping, integration with back-end services and sandboxing.
- Resolve partner/ third party queries, request and trouble shouting through community support function.
- Better monitoring and auditing of transactions.
API Management Platform, API Development Tools
Use Case Summary
APIs in an enterprisewide B2B platform should be designed, tested, and orchestrated to exchange data in multiple formats with participants and to build the capability to quickly prototype and deliver innovative financial services.