SWIFT creates financial sector API blueprint

The publishing of the blueprint for common API standards happened following collaboration with European banking standards bodies, STET and Berlin Group NextGenPSD2 – who together represent many of the region’s banks and payment service providers.

SWIFT is working to minimise inefficiencies caused by differing regulatory specifications that could limit opportunities for common API frameworks across different regions and potentially require different solutions for every market. The cooperative has lent its expertise in standards, specifically ISO 20022 – the standard for electronic data interchange between financial institutions – to work alongside STET and Berlin Group NextGenPSD2 in Europe to define the building blocks for the services that will spring from the new API economy.

SWIFT, STET, and Berlin Group NextGenPSD2 have concluded a first phase where a business model for the PSD2 Account Information Services has been defined using common standards. This data model will be the foundation for any API definitions and will enable interoperability among PSD2 participants. This work follows a collaboration on the creation of a common API framework between SWIFT and Australia’s New Payments Platform (NPP).