Open Banking Account and Transaction API
This API is an Open Banking standard that allows you to register an intent to retrieve account information by creating an “account request”. This registers the data “permissions”, expiration and transaction history timeframe the customer has consented to provide to the Account Information Service Provider; and Subsequently retrieve account and transaction data. Open banking provides a way to share customer information securely with personalized financial advice to third party providers.
What are banking APIs?
Banking APIs expose a range of data to third-party financial service solution providers including payment initiators and account aggregators. These APIs are designed and documented to support upcoming second Payment Services Directive and Open Banking regulations.
The broad categories of APIs include:
- account access APIs to allow access to account information, balance, and transactions to support the Account Information Service Provider use case
- payment APIs to allow one time payment submission to support the Payment Initiation Service Provider use case
- open data API to allows access to non-customer specific information, including as ATM locations and banking product details
How does one use banking APIs?
Banking APIs can be consumed by mobile apps, web apps, and by other APIs. These APIs are built in a RESTful architectural style with data represented in JSON. Therefore, these APIs are platform challenger when it comes to app development.
Security is paramount for banking APIs; a trusted relationship must be built between the API provider and the developer. As a third-party app provider, you need to go through following steps to use these APIs:
- Register as a developer on this portal
- Create an app to consume will consme the banking APIs
- Subscribe to one or more digital products, each of which is a set of APIs grouped based on the consumption need of the third-party developer
- Obtain app credentials that include a client ID and secret for each app
- Use the app credentials to authenticate
- Try the APIs using the sandbox. When an API is configured to have authorization completed.
- Make API calls from the app