The development of open banking based on the implementation of open API technologies

Abstract

The implementation of open API into the work of financial organizations allowed optimizing the processes of obtaining and exchanging the internal and external data. Increasing the value of services rendered is possible due to a number of technological solutions, including open API technology. The relevance of covering the topic of open banking based on implementation of the technology of open programming interfaces is substantiated by the growing impact of using API in the process of rendering services by financial institutions. The object of research in this paper is It is an open API and its development in the Russian and foreign markets. The subject of this research is the methods of regulation, development and integration open programming interfaces in the financial markets. For comprehensive analysis of the articulated problem, the author reviews the classification of the open API, key trends in the development and application of open banking, foreign and domestic experience in its regulation and implementation. The scientific novelty of this article lies in systematization and generalization of data on the use of open interfaces in the era of digital economy on the level of financial (banking) institutions, as well as in description of the current trends in development and implementation of open API. The conclusion is drawn that banks are being actively introduced to open banking society, therefore increasing the transparency and availability of the practice-oriented data; as well as provide more information on the particular examples of implementation of open interfaces and full potential of their use.