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NACHA, Accenture complete exploration on API standardization for the financial services

Friday 3 March 2017 | 11:42 AM CET

NACHA has announced the completion of its exploratory effort around the value of API standardization for the US financial services industry.

In collaboration with Accenture, NACHA led a research project, which included an analysis of the US financial services market, examination of the potential roles and responsibilities of industry stakeholders within a standardized API ecosystem, identification of potential use cases, and an evaluation of the opportunities and challenges a standard set of APIs could provide to the industry.

The results of the effort show that API standardization can address ACH Network pain points and benefit the entire payments ecosystem – from financial institutions, businesses and consumers to fintechs – through security and transparency of transactions, speed of communications, and upgraded support of payments innovations.

NACHA’s Payments Innovation Alliance, a membership group that encourages industry dialogue and collaboration to help advance domestic and global payments, is establishing an API Standardization Group to develop an “API Playbook.’” The “Playbook” will serve as a tool to assist financial institutions, businesses, fintechs and other industry stakeholders with the creation of a standardized API ecosystem that can enhance support of the payments and business needs of industry participants.

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