This is a schematic overview of #OpenBanking #Architecture with example #APIs.
The APIs allow banks to decouple their internal environment (resource layer) from the customer-facing apps (client layer).
In this way banks are able to flexibly distribute their products through third-party channels provided by #FinTechs and other partners, facilitating #innovation and reducing time to market.
Banks can expose APIs—e.g., for making #payments—by providing access to account data, performing KYC checks, getting information about customers, managing cards, and using a long list of additional products.
Source: Aite, The Transformation of Banking and Payments Through Open APIs
The APIs allow banks to decouple their internal environment (resource layer) from the customer-facing apps (client layer).
In this way banks are able to flexibly distribute their products through third-party channels provided by #FinTechs and other partners, facilitating #innovation and reducing time to market.
Banks can expose APIs—e.g., for making #payments—by providing access to account data, performing KYC checks, getting information about customers, managing cards, and using a long list of additional products.
Source: Aite, The Transformation of Banking and Payments Through Open APIs
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