BBC Business is a fairly obscure slot on the BBC’s news channel, but the BBC News website is one of the leading news sites in the world and there was a story on the launch of PSD2 and Open Banking on the front page on Saturday.
Of course, it takes about three-quarters of the article before it is admitted that Open Banking is an EU initiative – but this is the BBC we are talking about. God forbid they ever suggest that the EU ever did anything for us!
So, as I said last week, PSD2 and Open Banking are enough for BBC news sources – and not just business news sources – to be pushing the story. Which suggests that there are a lot of people out their who care about Open Banking and, as it would go, the APIs that enable it.
The APImetrics mantra
You have to manage the APIs you care about. In the case of PSD2, this is not just a case of the APIs you expose. It’s also about the APIs from other banks and service providers that you have to consume.
If you are not monitoring the APIs, you are not managing them. And if you are only doing passive monitoring of them, you are not monitoring them and are thus not managing them.
Active monitoring is especially important when you are exercising external third-party APIs. Sure, the passive monitoring tools that come with your API gateway tell you things you need to know about your APIs. You still to do active monitoring, but for external APIs, you can’t do passive monitoring.
You have to go active
In the brave new PSD2 world, the customer wants to send money from Bank A to Payment Service Provider B (which might be a vendor like Amazon or eBay or a bank). There are APIs at both sides. If something goes wrong, the customer is going to blame Bank A and Payment Service Provider B.
If you’re Bank A, you are going to want to be able to prove to the customer and the regulator and Payment Service Provider B that your APIs were working perfectly, and it was Payment Service Provider B’s APIs that were at fault. And you can only do that by active monitoring your own APIs and those of Payment Service Provider B.
To do that, you need a state-of-the-art active API monitoring system. You need APImetrics. We’d be more than happy to talk to you about how you can understand your own APIs better – and those of your competitors.
And stay tuned for more on how API-driven open banking is going to transform banking for everyone.