This Month’s Banking API Highlights
- Royal Bank of Scotland (Sandbox) in the Open Banking API – UK – Sandbox category takes the overall title this month with a CASC score of 9.65.
- HSBC in the Open Banking API – UK – Open Data category takes the overall title again in February with a median latency of 91 ms, up from 86 ms in January.
- Virgin Money in the Open Banking API – UK – Production category takes the overall wooden spoon this week with a CASC score of 4.97.
- Nationwide (Sandbox) in the Open Banking API – UK – Sandbox category takes the overall wooden spoon again with a CASC score of 3.81, up from 2.33 in January.
Something of interest
Cryptocurrencies are having a bit of a moment (again). That’s a reason why you need your exchange to be absolutely on the top of its game. Of the 22 cryptocurrency APIS, we monitor, 14 are in the Green Zone, but only 2 have CASC over 9.00. Being in the Green Zone is fine, but you shouldn’t rest on your laurels. You should aim to consistently have a CASC score of over 9.00. 7 AOIs are in the Amber Zone and are in need of some attention. Given the competitive and dynamic nature of the cryptocurrency market right now and the dependency of cryptocurrency exchanges on their APOIs, being in the Amber Zone is somewhere you simply can’t afford to be.
The message being returned was
{
“errorCode”: “RPCCallTimedOut, currencies.currencies.search”
}
which is an error code and thus should be associated with a 5xx HTTP status code, such as 503 Service Unavailable or 504 Gateway Timeout.
This is a severe error, which suggests either a SOAP backend is still being used (in 2021?) or that the backend has not been implemented correctly. We have also observed the same issue in early March, so this is not an isolated problem for Bancor Network.
It is only by monitoring your API that you can proactively identify and deal with these issues before they affect your users – and starts costing you serious revenue. Don’t get tricked by 200 OK. Look into what your API is really doing.
Banking API Analysis: Overall Performance
February 2021
Category | Organization | CASC score
|
Cryptocurrency Exchanges
| RadarRelay | 9.20 |
Fintech | Square (Sandbox) | 9.33 |
Open Banking: PSD2
| Railsbank | 9.55 |
Open Banking UK: API Sandbox
| Royal Bank of Scotland (Sandbox) | 9.65 |
Open Banking UK: Production
| Danske Bank | 9.53 |
Open Banking UK: Open Data
| Bank of Ireland | 9.62 |
Banking API Analysis: Latency
March 2021
Category | Organization | Median Latency
|
Cryptocurrency Exchanges
| Coinbase | 130 ms |
Fintech | Stripe | 325 ms |
Open Banking: PSD2
| Railsbank | 103 ms |
Open Banking UK: API Sandbox
| Royal Bank of Scotland (Sandbox) | 150 ms |
Open Banking UK: Production
| Tide (Auth) | 155 ms |
Open Banking UK: Open Data
| HSBC | 91 ms |
Banking API Analysis: Worst Overall Quality
March 2021
Category | Organization | CASC score
|
Cryptocurrency Exchanges
| Bancor Network | 5.68 |
Fintech | Nobody under 8.00! | |
Open Banking: PSD2
| Visa (Sandbox) | 7.82 |
Open Banking UK: Sandbox
| Nationwide (Sandbox) | 3.81 |
Open Banking UK: Production
| Creation Cards (Auth) | 4.15 |
Open Banking UK: Open Data
| HSBC | 7.52 |
Nationwide (Sandbox) in the Open Banking API – UK – Sandbox category takes the overall wooden spoon again with a CASC score of 3.81, up from 2.33 in January.
See you again in a month as we look at the State of Banking APIs in March. Also look out for our weekly reports on Banking APIs and our weekly and monthly reports on non-financial ones. We will also be producing reports looking back at the year 2020 in APIs.
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