API.expert Monthly Banking API Analysis: February 2021

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.

API.expert Monthly Banking API Analysis 1
And Bancor Network, the only Red Zone API this month, is an example of an API where a couple of bad days meant a bad month. They had a lot of slow outliers on 16-17 February. If you use an active API monitoring systems, you can dig down into each individual result to see what was going on. All of the calls were returning a HTTP status code 200, but were, in fact, timeouts.
API.expert Monthly Banking API Analysis 2

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

Royal Bank of Scotland (Sandbox) in the Open Banking – UK – Sandbox category takes the overall title this month with a CASC score of 9.65. When you look at CASC scores you should expect a ranking of at least 9.00. Even better is if you can achieve a CASC score of 9.50 or better. Four of the six categories are headed by organization with a CASC score of 9.50 or more this month, up from two last week. That’s impressive and these organizations should be proud. All six categories are headed by an API with CASC score of 9.20 or more, which is a very acceptable level of performance.

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

HSBC in the Open Banking – UK – Open Data category takes the overall title again in January with a median latency of 91 ms, up from 86 ms in January. One thing that should be considered when looking at CASC scores. It’s possible for an API to have periods of time when they are very fast but also periods when they are extremely slow. This means that users will very often have a sub par experience. You don’t want to simply be fast from time to time. You want to be consistently running swiftly. It is not a good idea to rely on your fastest performance. Overall speed is the real issue.

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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