{"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":"

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

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  1. Open APIs are not a separate product; they are a channel.<\/span><\/li>\n
  2. There is a new emphasis on speed of implementation and enhanced functionality.<\/span><\/li>\n
  3. 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
  4. New functionalities must be balanced in terms of speed vs. cost.<\/span><\/li>\n<\/ol>\n
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