Security News > 2021 > January > Open banking is the future, so let’s secure the APIs

It may be at an early stage, but we can already see that future, as, all over the world, the banking community moves to embrace open banking.

Adrian Mountstephens, business development, payments and banking at Equinix, says that in fact the entire digital future of banking is linked to APIs.

In the EU, this concern has been at the root of the delay to the delivery of the secure customer authentication aspect of the EU's payment services directive PSD2, which addresses open banking.

Open banking means they must focus on highly connected systems available to everyone to access with low latency in a secure environment.

"It's not just the real-time payments operators, or cross-border payments systems, or blockchain-based settlement systems. We have the infrastructure to connect to partners, the firewalls, the routers, the perimeter. It's a great place for banks to put their open banking API gateway. They can secure their connectivity to fintechs."

Mountstephens sums up: "Open banking is still in its early stages. Banks have picked a cloud platform, built capability into the cloud, opened their APIs to fintechs. As the relationships with the fintechs mature, and as the data scales and customers connect to services, the banks are realising they may need change the way it's plumbed together and make it optimised for scale. We're reaching a point now where scale, security, and reliability are becoming key issues."

News URL

https://go.theregister.com/feed/www.theregister.com/2021/01/20/open_banking_is_the_future/