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What Are APIs and How Are They Changing Banking?
August 13, 2019
If you keep up with the payments industry, you’re bound to have heard about APIs. It seems like every day brings fresh articles covering the newest APIs in glowing terms. From improving digital banking to facilitating Same Day ACH payments, APIs are having a major impact on payments and the wider financial industry.
But what are APIs and how exactly are they changing the payment ecosystem?
Afinis Interoperability Standards Approves Five New APIs for Prioritization
Aug. 2, 2019
Download the latest Meeting Summary Report for details and further updates about the group’s latest work efforts and new initiatives and goals for the second half of 2019.
Nacha’s API Standardization: A Necessary Undertaking
July 23, 2019
As technological innovation continues to reshape the payments industry, APIs are becoming a prominent feature of the landscape. But as APIs become a facet in the payments industry, so does the need for API standardization and common practices. Such a framework is necessary for innovation and growth to continue at a quick pace.
Therefore, Nacha is leading the industry effort on API standardization. To accomplish this objective, Nacha supports Afinis Interoperability Standards, a membership-based governance organization that brings together diverse collaborators to develop implementable, interoperable, and portable financial services standards.
Nacha Introduces the Nacha Corporate Experience
May 6, 2019
Today, Nacha introduces the Nacha Corporate Experience, a new way of demonstrating how businesses can more effectively exchange payments and information. Through a pairing of standards and advanced technology, the Nacha Corporate Experience shows how to simplify the pre-payment and post-payment processes for businesses, allowing for a fast, simple and standard end-to-end transactional experience.
Afinis Interoperability Standards Names Inaugural Board of Directors
April 23, 2019
Afinis Interoperability Standards, a new member-led organization supported by Nacha, announced its inaugural Board of Directors and Board Officers. The Board of 10 members and three officers will guide the strategic direction of the organization, which is advancing financial industry standards, including API standardization and other financial services standards, across the U.S. and globally.
Afinis Interoperability Standards Releases 2018 - Year in Review Report
January 30, 2019
Afinis Interoperability Standards released its 2018 -The Year in Review Report showcasing many of the work efforts and initiatives launched and completed in 2019.
Afinis Interoperability Standards Names Its Interim Governing Board
December 5, 2018
Afinis Interoperability Standards announced that it has named its Interim Governing Board. The Interim Board consists of 11 member organizations including ACI Worldwide, Bank of America, Barclays, D3 Banking Technology, Fiserv, Microsoft, Oracle, Payrailz, Tata Consultancy Services, TD Bank, and Wells Fargo.
NACHA Launches Afinis Interoperability Standards for Financial Services
September 5, 2018
Afinis is a membership-based standards organization that brings together diverse collaborators – through innovative and agile processes – to develop implementable, interoperable, and portable standards across operating environments and platforms. Afinis furthers the work of NACHA’s Payments Innovation Alliance Application Programming Interface (API) Standardization Industry Group (ASIG) to now advance API standardization efforts across the financial services ecosystem through formal governance, and includes the work of Interactive Financial eXchange Forum (IFX). Afinis provides a community for thought leadership on the shared goals of expanding efficiency, surety, safety and interoperability within the financial services industry.
API Standardization Industry Group Launches Online Community to Support Adoption of Standardized APIs
August 9, 2018
NACHA - The Electronic Payments Association's API Standardization Industry Group (ASIG) formally launched its open, online community - www.asig.org - to support development and adoption of standardized APIs for financial services in the U.S. and globally. 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. Developed in collaboration with Accenture and Apigee, the online community will serve as a single resource to help advance API standardization across the financial services ecosystem.
Business Payments Directory Association to Partner with Discover Financial Services to Provide Blockchain Platform for its B2B Directory
August 1, 2018
The Business Payments Directory Association (BPDA) today announced that it will be partnering with Discover Financial Services (NYSE:DFS) to develop a proof of concept platform for its B2B Directory built on blockchain technology. BPDA’s B2B Directory will serve as the industry’s standardized, searchable database of electronic payments information for business transactions. To support the robust capabilities of the Directory, the platform will leverage open source technologies, blockchain/distributed ledger technology and standardized Application Programming Interfaces (APIs) developed by the API Standardization Industry Group.
IFX Forum Releases Latest Paper
July 24, 2018
IFX Forum released its latest publication from IFX Forum: RESTful Implementation of IFX Demonstration Design Review. The latest paper details IFX Forum’s analysis of adapting the IFX Standard to a RESTful API model. Given the evolution of the financial services marketplace and the shift towards Open Banking, PSD2 directives, JSON data representations and RESTful APIs, IFX Forum performed an assessment of how well the IFX Standard would adapt to this changing environment. Based on its assessment, the IFX Standard and the IFX Message Framework are readily adaptable to REST design concepts.
NACHA’s API Standardization Industry Group Furthers Progress on Standardized API Development Efforts
April 4, 2018
NACHA—The Electronic Payments Association® and the Payments Innovation Alliance today released a Meeting Summary Report from the latest meeting of the API Standardization Industry Group. The API Standardization Industry Group, formally created in the spring of 2017, is working to further efforts to standardize the use of APIs in the U.S. financial services industry. In support of that effort, the Group met Feb. 28 at Google’s YouTube Campus in San Francisco to further progress on the initial API development efforts that were identified in the fall of 2017.
The main goal of the latest meeting was to showcase progress on API use case efforts and confirm prioritization and refine requirements of the APIs. Announced late last year, the Group prioritized API: Account Validation, API: Get Account Balance/API: Get Account History, API: Get Bank Contact Information, API: Interoperability, and API: Transaction Status as the first five APIs for development. During the February meeting, the Group further prioritized API development efforts, agreeing to API: Account Validation and API: Get Bank Contact Information as the first two of five to be released to the industry in second quarter of 2018, and agreeing to the initial requirements for both APIs.
paymentsNZ: Update to the Minister of Commerce and Consumer Affairs
March 29, 2018
paymentsnz's CEO Steve Wiggins recently formally updated the Minister of Commerce and Consumer Affairs Hon Kris Faafoi on the significant progress the industry has made in advancing our Payments Direction strategic initiatives, our engagement efforts, and the role of Payments NZ in facilitating discussion to improve the transparency of merchant service and interchange fees.