Friday, 06 September 2019 11:13

SWIFT releases new API standard for Open Banking era

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Global payment services provider SWIFT has published a new API standard for the pre-authorisation of funds which it says paves the way for further innovation in financial services enabled by Open Banking.

The new application programming interface (API) standard allows a payer’s bank to earmark funds for a purchase in advance, guaranteeing that the future payment will be honoured.

It is the second of SWIFT’s Open Banking Extensions API standards, and is the latest addition to a global library of APIs that SWIFT is building in collaboration with banks, merchants and fintechs.

And SWIFT also published a pay later API standard earlier this year.

The new pre-authorisation standard is now available for developers of APIs to adopt and use.

“The promise of Open Banking can only be delivered if open APIs follow a common set of standards. As a cooperative, SWIFT is already supporting the industry in its needs for standardisation and is well positioned to expand our current role to include the standardisation of open APIs,” says Lisa O’Connor, Managing Director, Capital Markets and Standards, APAC, SWIFT.

“The release of this new API standard for pre-authorisation of funds serves as further proof of the central part SWIFT is playing in supporting the industry in its shift towards Open Banking.”

Tony McLaughlin, Managing Director, Treasury and Trade Solutions, Citi said: “The SWIFT Pre-Authorisation API is further validation that banks, Fintechs and merchants can collaborate to build Open Banking APIs that go beyond the regulatory minimums to support vitally important use-cases.”

“The global banking community must come together to provide the full suite of retail and wholesale banking APIs so that we can provide the financial layer of the digital economy. The world of platforms provides unlimited new opportunities for banks if they adopt an ‘API first’ mindset.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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