In this paper we explore some of the challenges that the industry faces if it is to unlock the potential of API technology. We also propose several ways to address these challenges through targeted use of existing and improved business standards and identity frameworks.
This paper is a call to action. The transition to a financial services API economy requires sustained engagement from the industry: banks, market infrastructures, technology providers, and standards bodies.
We urge institutions that are embarking on the API journey to look beyond the immediate need to comply with regulation or to implement a tactical solution. Take this opportunity to engage with SWIFT and the broader standards community to benefit from, and help evolve, a global platform for the financial services API economy.