The digital library will now include 22 new API definitions focused on helping banks tackle key business challenges in the areas of payments, cards and fraud. This update takes the number of API definitions hosted on the portal to 89.
The newly added APIs will allow banks to introduce modern payment processing and KYC functionalities. Specifically, they will allow more effective onboarding of new card accounts, transferring of funds between accounts, device administration and management, and ease the process involved in transitioning physical cards into virtual wallets.
Customers are increasingly favouring digital first experiences in banking, with 22 percent of consumers using mobile apps or online banking more than ten times a month. This is compared to only 2% of consumers who claim they visit the physical branch in the same frequency. The changing needs of the consumer, combined with competition from challenger banks, and the rise of fraud across the industry means the adoption of more modern services to address these changes is becoming increasingly critical.
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