This is a big step forward in our momentous and inclusive effort to further API standardization. Through this resource, we hope to further development efforts, foster adoption, and support deployment – all in an effort to better meet the evolving needs of the financial services industry.
HERNDON, Va. (PRWEB) August 09, 2018
NACHA—The Electronic Payments Association’s API Standardization Industry Group (ASIG) today formally launched its open, online community – http://www.asig.org – to support development and adoption of standardized APIs for financial services in the U.S. and globally. The online community is a self-service platform in which financial services stakeholders and developers can access information, tools and resources, and test the standardized APIs. Developed in collaboration with Accenture and Google, the online community will serve as a single resource to help advance API standardization across the financial services ecosystem.
“We are pleased to provide this new, comprehensive resource to the financial services industry,” said George Throckmorton, Managing Director, Network Development & Strategic Initiatives at NACHA and ASIG lead. “This is a big step forward – with more to come – in our momentous and inclusive effort to further API standardization. Through this resource, we hope to further development efforts, foster adoption, and support deployment – all in an effort to better meet the evolving needs of the financial services industry.”
In conjunction with the launch of the online community, ASIG also released its first two standardized APIs for testing: Account Validation and Get Bank Contact Information. The Account Validation API helps ensure bank accounts are valid and payments are posted as desired. The Get Bank Contact Information API allows originating financial institutions to quickly find and alert the appropriate contact within a receiving financial institution of potential fraud to prompt further investigation.
Initially, 16 API use cases were identified for development based on industry need and the immediate impact across the payments ecosystem. From the 16, the Group prioritized Account Validation and Get Bank Contact Information as those to release first for industry testing. In addition to industry testing, ASIG is also exploring proof-of-concept adoption projects with a diverse set of global organizations to further test and validate the APIs.
“Industry engagement is a key component to our continued success,” added Throckmorton. “From participation to testing to adoption – it is all important. This engagement, coupled with structured and transparent governance, will help ensure an effective development and API life cycle to support standardization into the future.”
Industry stakeholders are invited learn more and test the newly released standardized APIs by visiting http://www.asig.org. The online resource includes a testing sandbox for developers that mimics the characteristics of a production environment and simulates a response. The site also contains information and documentation to help guide developers through testing the APIs. Additionally, the site maintains a Forum component to help facilitate discussions and encourage feedback, as well as provide news and information on new ASIG/API efforts.
To learn more about ASIG and standardized APIs or to join the effort, visit http://www.asig.org.
About the API Standardization Industry Group
The API Standardization Industry Group is a diverse group of organizations and individuals working to support advancement and use of standardized APIs within the U.S. financial services industry. 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 Group is sponsored by NACHA-The Electronic Payments Association’s Payments Innovation Alliance. For more information or to join, visit http://www.asig.org.
NACHA—The Electronic Payments Association
NACHA—The Electronic Payments Association is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable electronic payments and financial data exchange within the U.S. and across geographies. Through development of rules, standards, governance, education, advocacy, and in support of innovation, NACHA’s efforts benefit the providers and users of those systems. NACHA leads groups focused on API standardization, authors the Quest Operating Rules for EBT and is also the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2017, there was a total of nearly 26 billion ACH transactions. Of these, 21.5 billion ACH payments valued at $47 trillion moved across the ACH Network, and more than 4 billion were on-us transactions within financial institutions. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.