API standardization can have a transformative effect on the financial services industry. We look forward to keeping the industry informed of progress as we move forward.
HERNDON, Va. (PRWEB) June 23, 2017
NACHA—The Electronic Payments Association® and the Payments Innovation Alliance, today released the Summary Report from the inaugural meeting of the API Standardization Industry Group. The API Standardization Industry Group, formally created in the spring 2017, will work to further efforts to standardize the use of APIs in the U.S. financial services industry. To that end, the Group is developing a “Playbook” that 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.
“API standardization can have a transformative effect on the financial services industry,” said George Throckmorton, Managing Director, Network Development at NACHA, and API Standardization Industry Group lead. “Our work is really just beginning, but we are excited to share the outcomes of the inaugural meeting. We look forward to keeping the industry informed of progress as we move forward.”
The inaugural meeting of the API Standardization Industry Group, held in May 2017, brought together 40 leaders from more than 30 financial institutions, businesses, fintechs, and service provider organizations. The meeting sought to engage Group members in identifying and prioritizing the API use cases the Group will explore, and outlining potential components of the “API Playbook.” Additionally, the Group discussed key considerations to help support industry adoption once the Playbook is finalized.
The Summary Report outlines the high-level ideas, themes, implications and questions debated by Group members around use cases, Playbook elements, and keys to success.The Summary Report can be viewed here: https://www.nacha.org/system/files/resources/API-Standardization-Industry-Group-Inaugural-Meeting-Summary-Report-May-2017.pdf.
The next meeting of the API Standardization Industry Group will be held August 24, 2017, in Atlanta, Ga. For more information about the Group and upcoming meetings, visit https://www.nacha.org/content/api-standardization-industry-group.
NACHA is still seeking participants for the API Standardization Industry Group. Participation is open to any payments industry stakeholder looking to play a part in the transformation of the financial services industry through API standardization. To learn more about joining, visit https://www.nacha.org/content/api-standardization-industry-group.
About the API Standardization Industry Group
In recognition of the importance of API standardization for the U.S. financial services industry, NACHA formed the API Standardization Group in the spring of 2017. The Group is made up of leaders from financial institutions, fintechs, businesses, service providers, standards organizations and others, all of whom have a desire to further efforts to standardize the use of APIs in the U.S. The API Standardization Industry Group is sponsored by NACHA’s Payments Innovation Alliance. For more information or to join, visit https://www.nacha.org/content/api-standardization-industry-group.
The Payments Innovation Alliance
The Payments Innovation Alliance, a membership program of NACHA — The Electronic Payments Association®, brings together diverse, global stakeholders to support payments innovation, collaboration, and results through discussion, debate, education, networking, and special projects that support the ACH Network and the payments industry worldwide. The Alliance brings together content and focus across all payment areas, including emerging payment technologies, electronic billing and presentment, mobile, payment security/risk, check conversion and global payments. Membership includes organizations of all sizes and spans the payments industry spectrum. Visit https://www.nacha.org/content/payments-innovation-alliance for more information.
NACHA—The Electronic Payments Association
Since 1974, NACHA—The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 11,000 financial institutions in the U.S by moving money and information directly from one bank account to another. In 2016, there were 25 billion ACH payments made that moved $43 trillion. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA's expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.