APIs in particular are rapidly making the financial industry more open, faster and always-available, while conventional banking is shifting to a customer-centric approach.
New technologies such as APIs, however, come in all shapes and sizes, using divergent technologies. Without the adoption of common standards, proliferation of APIs is likely to lead to inefficient and ineffective fragmentation, defeating their original purpose.
A common language exists and is already widely adopted by the financial community for payments and securities transactions. ISO 20022 is widely recognised as the standard of the future and can add value by providing the common business processes messaging layer to allow for data consistency, open source and highly flexible. ISO 20022 can be used with the latest technology as well as adapt to new technologies such as APIs and DLT as they emerge.
As transactions are getting more complex than ever, standardisation and simplification are a necessity for financial institutions. In this one-hour session on “ISO 20022 for API & New Technologies”, we will explain how re-using ISO 20022 for APIs can banks ensure end-to-end consistency in their business processes by simplifying integration of new technologies and services into existing financial systems and processes.