Creating a truly secure API model
Open Banking is one of the most exciting developments in financial services. Banks around the world are actively adopting open banking strategies and making their APIs available to third parties. However, for the Open Banking initiative to work, the industry needs global standards and a secure model for API development. Without standards, banks are exposing their customers and themselves to risk, and impeding innovation in the software development community. So, in this environment, how do you create a truly secure API model?
The API Security for Open Banking Summit which took place in London on the 21st of November 2018 brought together the financial services community, regulators, fintechs, TPPs and associations from across UK and Europe to find technical solutions to the current lack of standardisation, debate what standards/legislation may emerge in 2019, and how to plan with these in mind.
This Summit was a highly interactive workshop-style day of technical exploration and idea sourcing from within this expert peer group. All with an eye on what is needed next to advance progress towards standards and a framework for further innovation.