{"id":13124,"date":"2019-06-26T06:51:10","date_gmt":"2019-06-26T06:51:10","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13124"},"modified":"2019-06-26T06:51:10","modified_gmt":"2019-06-26T06:51:10","slug":"4-keys-for-financial-institutions-to-keep-in-mind-about-the-world-of-open-apis","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/4-keys-for-financial-institutions-to-keep-in-mind-about-the-world-of-open-apis\/","title":{"rendered":"4 keys for financial institutions to keep in mind about the world of open APIs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The era of open banking is serving to divide financial institutions into groups based on fundamentally different roles. One of the main defining factors for which group a financial institution belongs to is its relation to an open API: backlinked (financial institutions providing financial services \u201cbehind the scenes\u201d), frontlinked (aggregator financial institutions serving as a frontend medium to backlinked financial services) or universal (financial institutions that act as both backlinked and frontlinked). Regardless of type of financial institution, there are 4 key things financial institutions need to keep in mind as open banking continues its inevitable march into the future:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Open APIs are not a separate product; they are a channel.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There is a new emphasis on speed of implementation and enhanced functionality.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Microservices and the blue-green deployment scheme (parallel operation of old and new versions of microservices) provide necessary stability while also maintaining flexibility.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">New functionalities must be balanced in terms of speed vs. cost.<\/span><\/li>\n<\/ol>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13124 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='New technologies represent the new face of additional education'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/new-technologies-represent-the-new-face-of-additional-education\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/04\/new-technologies-represent-the-new-face-of-additional-education-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12622\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12622'>\n\t\t\t\tNew technologies represent the new face of additional education\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The drive for omnichannel banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-drive-for-omnichannel-banking\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/01\/the-drive-for-omnichannel-banking-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14346\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14346'>\n\t\t\t\tThe drive for omnichannel banking\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Forget why FinTech is good;\u200ahere\u2019s why cash is bad'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/forget-why-fintech-is-good-here-s-why-cash-is-bad\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/09\/forget-why-fintech-is-good-here-s-why-cash-is-bad-1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10951\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10951'>\n\t\t\t\tForget why FinTech is good;\u200ahere\u2019s why cash is bad\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The era of open banking is serving to divide financial institutions into groups based on fundamentally different roles. One of the main defining factors for which group a financial institution belongs to is its relation to an open API: backlinked (financial institutions providing financial services \u201cbehind the scenes\u201d), frontlinked (aggregator financial institutions serving as a &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13131,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[287],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13124"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13124"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13124\/revisions"}],"predecessor-version":[{"id":13125,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13124\/revisions\/13125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13131"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}