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Report Finastra Open APIs and the Future of Payments

Open APIs and the Future of Payments

Innovate your payment experiences and become a payments leader

Banks have reached a critical window of opportunity to roll out Open Banking and drive API innovation. As open banking grows, it has become a catalyst for the proliferation of APIs. The momentum towards open APIs is now irreversible. Increased API connectivity between banks and third-party firms is driving innovative and collaborative partnerships. Soon it will be the norm to obtain account information and manage payments using third party applications that connect directly into bank systems via public domain APIs. which promises to fundamentally transform the payments experience for end-users.

Report Snap Shot

  • To successfully transform previous digital payment solutions to open payments, FIs must plan for four distinct ecosystem requirements. First, FIs need to adopt an API first strategy where they can think beyond mere compliance to regulations and enable monetization of business functionality across retail and corporate banking in the API economy.

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