CMA9 OBIE UK Report, April. And a third of APIs still under perform.

Competition and Markets Authority In March, we published a report on the UK's public CMA9 Open Banking APIs V2 from the OBIE. IN it, we found that more than 35% of the APIs offered were performing below our expected acceptable score of 800. And we're sad to say, the numbers for April are essentially unchanged, with 32% of APIs scoring below 800. When we analyse the banks, we find that the under-performing banks have largely remained the same. Although there's a new entrant – Bank of Ireland – which has historically been one of the better performing. [...]

By | 2018-05-04T10:32:54+00:00 May 4th, 2018|Fintech, Monthly Report, News|0 Comments

PSD2: National Governments and Bodies Have The Final Say

PSD2 is driven top-down by the European Commission and the European Banking Authority (EBA). But it is built bottom-up by the banks and other service providers themselves. And the Commission/EBA don't regulate PSD2 providers. It's the "national competent authorities." In other words, it's the regulator in each country. Unlike the UK, where the CMA9 regulations are defining what the banks must do, PSD2 leaves things entirely in the hands of the banks and related businesses. This creates an immediate problem. There might only be one set of regulatory technical standards for PSD2, but there are more than 30 [...]

By | 2018-04-18T12:22:29+00:00 April 9th, 2018|Fintech, News|0 Comments

PSD2, Open Banking and North America: Part II of II

This is part II of a two-part series. To jump back, read this first. The paradigm within PSD2 and open banking generally is that anyone can connect to anyone. A few US banks have shown some interest in using external APIs, but generally only to connect to a limited number of partners. So, the US model is very much closed banking. So there are likely few open banking API developer programs in the US that we can join. Capital One is, of course, a notable exception, although they are not really promoting true European-style open banking. Companies that provide [...]

By | 2018-04-07T08:52:10+00:00 April 6th, 2018|Fintech, Opinion, Sectors|0 Comments

PSD2, Open Banking and North America: Part I of II

It is universally accepted that Europe is far ahead of North America in the development of open banking. What activity there is mainly focuses on aggregation. But this is just one part of PSD2 (the account-related component). The payment component is much less developed. The best-known aggregator is Mint, but there are a number of other companies in this space (Acorns, Digit, Kabbage, Betterment). Mint has been around for a number of years now, but many banks are still reluctant to let third parties access customer information. This means that aggregator apps are often still reliant on screen scraping [...]

By | 2018-04-05T08:36:00+00:00 April 5th, 2018|Fintech, Opinion, Sectors|0 Comments

CMA9: 35% of Banking APIs Miss Acceptable Performance Targets

During the month of March, APImetrics monitored the quality of 102 CMA9 APIs, approximately 25 of these were V1 APIs, which were all deprecated during the month. Of the remaining V2 APIs, over a third of these APIs failed to meet the standard of good quality as measured by the APImetrics Cloud API Service Consistency score, the credit score for API quality. Danske Bank (https://danskebank.com/) and Bank of Ireland (https://www.bankofireland.com/) hold the top 10 spots with scores near to a perfect 999. Analysis of results with APImetrics clients shows that scores below 800 lead to increased performance and quality [...]

By | 2018-05-04T10:40:21+00:00 April 2nd, 2018|Fintech, Monthly Report|0 Comments

What Do Telecoms And Banks Have In Common? APIs.

What do telecoms and banks have in common when it comes to APIs? Well, in the early days of the API revolution – as long as 3 or 4 years ago! – there was a race by telecoms to open up their backend services to APIs. The logic was they could monetize services like SMS, MMS, location, payment and so forth. What they wanted to avoid was being relegated to a role purely as a data and call provider. As a monitoring company, we did a number of projects with them. And one of the clear facts that emerged [...]

By | 2018-03-21T08:53:57+00:00 March 21st, 2018|Fintech, Opinion, Telco|0 Comments

Active Monitoring: Never Hesitate to Go Active

The transducers in the sonar for HMS Dreadnought, Britain's first nuclear submarine, were actually designed to ping all the way across the Atlantic and back again. But for the last five decades, submarines have not had that telltale "ping" sound you know from the movies. After all, going active will give away your position. But it will also give you a lot of information about your situation that you are never going to get from passive sonar. Luckily, you don't have to worry about going active with your API monitoring giving away anything to your "enemies." A manager might know [...]

By | 2018-03-14T12:42:22+00:00 March 14th, 2018|Fintech, IT and Cloud, Opinion|0 Comments

PSD2 Active API Performance Monitoring: You Can’t Do That From Here

API performance monitoring is part of managing, and here at APImetrics our mantra is: You have to manage your APIs. And if you are relying purely on passive monitoring of API gateways, you are not monitoring your APIs because you don't actually know how your APIs are really behaving from the end-user perspective. Open Banking is a cluster of innovations driven by the new technologies and pent-up customer demand for truly 21st century banking. PSD2 is a EU directive mandating that banks and financial institutions across the European Single Market allow access to their systems for the purposes of [...]

By | 2018-03-13T18:17:06+00:00 March 6th, 2018|Fintech, News, Opinion|0 Comments

Open Banking APIs: Working Together To Make It Work

In reading up on Open Banking, we recently came across an interesting letter from Olivier Guersent, the European Commission's Director‑General for Financial Stability, Financial Services and Capital Markets Union to Andrea Enria, the Chairperson of the European Banking Authority (EBA). The fact that such personages are exchanging letters about APIs tells us something about their perceived importance in the present and future worlds of open banking. And, tellingly, M. Guersent's views about how to manage APIs are aligned with the recommendations of best practices that we at APImetrics have made. The letter states: It is not possible for EBA [...]

By | 2018-03-15T07:13:20+00:00 March 2nd, 2018|Fintech, News, Opinion|0 Comments

Open Banking APIs Need PSD2 Monitoring – Now

Finextra's piece, "How Open Banking Will Blow Core Systems Out of the Water," says that the three hottest TLAs in banking are APIs, PSD2 and DLT (Distributed Ledger Technology). DLT is the generalization of blockchain-type systems. You don't have to use blocks to have a chain. According to the article, this isn't considered to be a mature technology. But though it's very exciting, it concerns us only indirectly through the use of APIs with DLT. APIs and PSD2, of course, are our bread and butter. The article raises a couple of points that we at APImetrics have been saying over [...]

By | 2018-03-14T12:47:50+00:00 February 27th, 2018|Fintech, Opinion|0 Comments