API Standardization Industry Group Releases White Paper Outlining Group’s Approach, Progress and Future Efforts towards Advancing API Standardization Across the Financial Services Ecosystem
HERNDON, Va. — Aug. 15, 2018 — NACHA—The Electronic Payments Association’s API Standardization Industry Group (ASIG) today released a white paper – API Standardization – Shaping the Financial Services Industry – that outlines the Group’s current approach and progress towards advancing API standardization efforts for the global financial services industry. Additionally, the paper highlights future plans to help ensure standardized API adoption and use for continued momentum and progress into the future.
“Undertaking the effort to develop a standardized API ecosystem for the financial services industry is a significant, but necessary undertaking,” said George Throckmorton, Managing Director, Network Development & Strategic Initiatives at NACHA and ASIG lead. “But it is one that ASIG has taken on with passion and conviction, as we firmly believe these efforts will transform the way we exchange information, make and receive payments, and more. Our latest paper, API Standardization – Shaping the Financial Services Industry, provides insight into our strategy to achieve this meaningful goal and how it will reshape the global financial services industry.”
The white paper, developed in collaboration with Accenture, is divided into eight sections. The sections detail the approach of ASIG towards defining API standards in financial services, the development activities and future work efforts of the Group, and the industry efforts underway to promote interoperability with other global initiatives. The document also provides information on resources available to the financial services ecosystem including the new developer portal.
Launched earlier this month, the developer portal is an open online community created to support development and adoption of the standardized APIs. The online community is a self-service platform in which financial services stakeholders and developers can access information, tools and resources, and test the standardized APIs.
Currently, the developer portal allows for testing of two standardized APIs: Account Validation and Get Bank Contact Information. The Account Validation API helps ensure bank accounts are valid and payments are posted as desired. The Get Bank Contact Information API allows originating financial institutions to quickly find and alert the appropriate contact within a receiving financial institution of potential fraud to prompt further investigation.
To download API Standardization – Shaping the Financial Services Industry, learn more about ASIG and standardized APIs, or to join the effort, visit www.asig.org.
About the API Standardization Industry Group
The API Standardization Industry Group is a diverse group of organizations and individuals working to support advancement and use of standardized APIs within the U.S. financial services industry. The Group is made up of leaders from financial institutions, fintechs, businesses, service providers, standards organizations and others, all of whom have a desire to further efforts to standardize the use of APIs in the U.S. The Group is sponsored by NACHA-The Electronic Payments Association’s Payments Innovation Alliance. For more information or to join, visit https://www.asig.org.
NACHA—The Electronic Payments Association
NACHA—The Electronic Payments Association is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable electronic payments and financial data exchange within the U.S. and across geographies. Through development of rules, standards, governance, education, advocacy, and in support of innovation, NACHA’s efforts benefit the providers and users of those systems. NACHA leads groups focused on API standardization, authors the Quest Operating Rules for EBT and is also the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2017, there was a total of nearly 26 billion ACH transactions. Of these, 21.5 billion ACH payments valued at $47 trillion moved across the ACH Network, and more than 4 billion were on-us transactions within financial institutions. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.
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