How SWIFT is playing a lead role in API development
In a recent interview with Bobsguide, Stephen Lindsay talked about the central role SWIFT is playing as the financial services industry embraces APIs.
As expectations from regulators and customers shift banking towards more open access to financial services, SWIFT is helping to unlock the potential of API technology by providing the neutral collaboration platform to develop the common standards the industry needs.
On the one hand you have the regulator driving the growth in transactions but you also have a new customer expectation. Both combined are adding new players to the value chains.
In his remarks to Bobsguide, Lindsay said financial services were slow on the uptake compared to other industries when it comes to APIs – but that it is catching up, fast.
He also highlighted how SWIFT is uniquely positioned to work on standards at a global level, “filling the gap between local standards groups”.
He states, “Knowing what we’ve been able to achieve with the level of standardisation we’ve taken for granted in international payments over years now. We have 10,000 banks effectively able to pass payments amongst themselves reasonably freely because everyone conforms to the same standards. Can we do the equivalent with APIs?”
Read the full article here.