The project also aims to support a strong application developer community for the banking industry by promoting the API Hub to become a source of Financial and Non-financial APIs. Other noteworthy goals include accelerating the system’s expansion, providing more support for service providers, and attracting new developers to use the system. The project is expected to launch in 2024 and also aims to increase competitiveness in the sector.
The Open API infrastructure project comes in the context of Thai banking institutions increasingly adopting digital systems to manage their banking structures. The Application Programming Interface (API) system provided by National ITMX can create connections between new system technologies and banks’ existing Core Banking systems. This allows banks to provide their customers with faster and more convenient online banking services via mobile banking.
Furthermore, the development of APIs for the banking industry paves the way for an infrastructure that supports the development of member banks' products and services. Banks can minimise costs and reduce development times as well as prevent the development of duplicate programs, which can result in better quality of service and lower maintenance costs.
The Open API infrastructure developed by National ITMX is in line with the Thai Bankers' Association's roadmap, which aims to further develop the local financial system and support its digitalisation following three main principles.
According to nationthailand.com, the three-year plan will focus on connecting data to create an ecosystem conducive to competition using new technologies and innovations. To ensure inclusivity, the system will be developed to cover all groups of users, and it will support digital literacy.
Moreover, the system will focus on ensuring that all businesses can operate smoothly while combating risks by developing new tools and supporting cybersecurity cooperation. The primary goal of this endeavour is to reduce the use of traditional financial transactions and use the leftover funds to develop other services.
In 2021, National ITMX worked with Oracle Cloud to support Thailand’s transition to a cashless society. By leveraging a hybrid cloud platform, National ITMX became better equipped to provide an efficient digital system that complies with the country's payment policy and international standards.
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