IBM Japan announced yesterday that the company started to provide an open and versatile “FinTech common API” for banks as part of its effort in FinTech field.
Nowadays, a lot of FinTech services are applied to banking systems. And once users register their ID and password of their internet bank to FinTech service, their account activities at the bank connects the FinTech service. However, to collaborate with FinTech services, there are challenges such as immediate support to changes of banking systems, reliability of security, and productivity of applications.
The FinTech common API connects FinTech service to existing internet banking. The API was developed on the basis of specification guide of BIAN (Banking Industry Architecture Network) and includes interfaces of balance inquiry, account activities, and account information.
FinTech common API enhances users’ convenience because the API offers application-to –application connection, not data screen interaction. This can reduce errors which are caused by interface changes at banks and save time and cost for the development.
Regarding enhanced security, with the company’s “OAuth”, an open authentication protocol, users are allowed to user FinTech service after banks permit users’ ID and password.
IBM Japan has been promoted FinTech by launching various services such as IBM FinTech program for financial institutions and Bluemix consortium for regional banks.
(Source: IBM Japan )
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