API standardization can have a transformative effect on the financial services industry. We look forward to keeping the industry informed of progress as we move forward.
HERNDON, Va. (PRWEB)
June 23, 2017
NACHA—The Electronic Payments Association® and the Payments Innovation Alliance, today released the Summary Report from the inaugural meeting of the API Standardization Industry Group. The API Standardization Industry Group, formally created in the spring 2017, will work to further efforts to standardize the use of APIs in the U.S. financial services industry. To that end, the Group is developing a “Playbook” that will serve as a tool to assist financial institutions, businesses, fintechs and other industry stakeholders with the creation of a standardized API ecosystem that can enhance support of the payments and business needs of industry participants.
“API standardization can have a transformative effect on the financial services industry,” said George Throckmorton, Managing Director, Network Development at NACHA, and API Standardization Industry Group lead. “Our work is really just beginning, but we are excited to share the outcomes of the inaugural meeting. We look forward to keeping the industry informed of progress as we move forward.”
The inaugural meeting of the API Standardization Industry Group, held in May 2017, brought together 40 leaders from more than 30 financial institutions, businesses, fintechs, and service provider organizations. The meeting sought to engage Group members in identifying and prioritizing the API use cases the Group will explore, and outlining potential components of the “API Playbook.” Additionally, the Group discussed key considerations to help support industry…