Apigee announces Open Banking APIx to help EU banks comply with PSD2

Built on the Apigee Edge API platform, Apigee Open Banking APIx features pre-built application programming interfaces (APIs) for banking, an open banking developer portal, and additional tools to help empower financial institutions to share data and build an ecosystem of partners and customers.

Apigee is teaming with Accenture, a consultancy company, to work on developing customised client solutions for open banking spurred by PSD2, which requires banks to open up data and transactions to certain new payment market entrants. By January 2018, all financial institutions in the 28 EU member states need to be PSD2 compliant. Apigee Open Banking APIx leverages Apigee Edge, Apigee’s product and API management software. Apigee Open Banking APIx aims to accelerate the process of delivering open banking by providing APIs that are ready for immediate use, along with the computing infrastructure to support internal and external innovation.

Apigee’s Open Banking APIx solution will provide digital teams, including mobile and Web developers, with access to capabilities including: a banking-specific developer portal with API documentation and tools; a collection of pre-configured API proxies for banking APIs such as Payment Transfer, Account Information, Transactions History, Sufficient Funds, and Financial Products APIs; Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) - specific workflows, as well as API product monetisation.

It also contains pre-integrated OAuth security framework to support different access models for internal apps or third-party providers, such as PISPs, AISPs and Fintechs; support for the XS2A rule in PSD2 through end-user authentication using the OpenID Connect standard to allow multiple authentication models, two-factor authentication, and consent capture and management. By leveraging Apigee Edge, Apigee Open Banking APIx also gives operators the benefits of Apigee API management, including API security, API analytics, API monetisation, and developer onboarding capabilities.