Leveraging Open Banking and API Integration

EasyChair Preprint 13370

Abstract

Open banking has emerged as a transformative force in the financial services industry, enabling greater collaboration, innovation, and customer-centric experiences through the use of application programming interfaces (APIs). This abstract provides an overview of how organizations can effectively leverage open banking and API integration to enhance their financial services offerings and drive business growth.

The paper begins by introducing the core principles of open banking, including increased data sharing, greater competition, and improved customer control over financial data. It then explores the regulatory landscape that has paved the way for open banking initiatives around the world, highlighting the key enablers and challenges posed by evolving regulations.

Next, the abstract delves into the benefits of open banking, discussing how it can improve customer experiences, enable enhanced financial services, foster competition and innovation, and support data-driven decision-making. The focus then shifts to the technical aspects of open banking API integration, outlining the various types of APIs, such as account information, payment initiation, and fund verification, and the different integration strategies organizations can adopt.

Keyphrases: API Integration, Customer Centricity, Digital Experiences, Ecosystem partnerships, Financial Technology (FinTech), Open Banking

@booklet{EasyChair:13370,
  author    = {Edwin Frank},
  title     = {Leveraging Open Banking and API Integration},
  howpublished = {EasyChair Preprint 13370},
  year      = {EasyChair, 2024}}