API Banking

Leveraging API architecture to drive digital transformation

Open Banking and PSD2 are driving a new wave of innovation. To comply with each piece of legislation, banks must allow trusted third parties access to customer account data and the ability to initiate payments. Application programming interfaces (APIs) are the most effective mechanism for achieving this, allowing third-party providers access to banks’ data infrastructures in a way that is both open and secure.

However, banks should not consider these APIs as something needed only to meet regulations, but rather as a route to enhancing service offerings, improving overall customer engagement, and increasing revenue from new channels. An API architecture can help unlock hidden business value buried in legacy platforms and systems, and as a result, is a vital component in all digital transformations.

While many banks have taken initial steps with API implementation and have seen positive returns in terms of technology development, customer engagement, and business expansion, the majority still have work to do. Most are in the development phase, and few fully understand how an API-driven business model will work for them. 

Harnessing the power of APIs

Icon Solutions can outline the benefits of API banking for your organisation (as an API consumer and as an API provider) and provide guidance on how to best design and implement an API architecture.

Our offering includes:

  • A reference architecture, common integration design patterns, templates and examples
  • An assessment of current architecture, API maturity and target API architecture roadmap
  • API Architecture Principles
  • API Security Framework
  • API Engineering and DevOps best practices

Case study
Delivering regulatory APIs in record time

Icon delivered initial compliance with the CMA’s regulatory API requirements for Open Banking across our client's Retail and Commercial banking operations in the UK. As a result, they achieved regulatory compliance three months ahead of schedule and faster than any other UK Bank.

Case study
Delivering a seamless customer experience for Open Banking

Icon designed, developed and led an App-to-App programme which offered no discernible differences between customer journeys. This programme enabled the Tier 1 bank’s customer to use innovative mobile technology earlier than other banks. 

Accelerate your API opportunity 
and drive business value

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