Open banking APIs are continuously evolving and new features are being added to enhance their capabilities. Some of the modern features that are being added to open banking APIs include:
Payment Initiation: This feature allows customers to initiate payments directly from their bank account, making it easier for them to pay for goods and services without the need for a debit or credit card.
Account Information Services: This feature enables third-party applications to access customer account information such as balances, transaction history, and other data.
Open Data Access: Open banking APIs are now being designed to allow third-party applications to access non-sensitive data like public information about products and services, enabling them to create new products and services based on this data.
Authorization and Authentication: New security measures are being added to open banking APIs to ensure that only authorized users and applications can access sensitive data.
Real-Time Notifications: Some open banking APIs are now capable of sending real-time notifications to customers, keeping them informed about their account activity.
Multi-Currency Support: Open banking APIs are being designed to support multiple currencies, making it easier for customers to manage their finances when they are traveling or doing business in other countries.
Personal Finance Management: Many open banking APIs are being developed to help customers manage their finances more effectively. These APIs provide features such as budgeting tools, spending analysis, and savings calculators.
The addition of these modern features to open banking APIs is helping to make banking more convenient, secure, and accessible for customers while also enabling the development of new and innovative financial products and services.
Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog