![]() Security is a key topic as API use develops, and rightly so. We'd like to see industry take a lead in standardizing elements of API technologies around the security and authentication/authorization methods – which is starting to happen with protocols like OAuth 2.0 and the various authorization grant types it supports. ![]() 18 Standardizing the plethora of new API offerings which enter the market each year could be more difficult as a result. In contrast to Open Banking, which focuses on opening up access to banking data the API space also has pure technology players creating new concepts and products alongside financial institutions.Look at Open Banking within a year we have already seen several different standards emerge. Looking ahead, we think new API standards could develop quickly.The first thing to note is that there is no universal standard 16 for what merchant payments APIs should look like. 15Īs API technology is evolving all the time, I’m often asked whether there is a need for standardization. 14 Our objective is to allow our merchants instant access to their data. We are also developing APIs around real-time data streaming, 12 that will allow our systems to receive data quickly for reporting and financial needs, 13 resulting in a better merchant experience overall.10 By adapting our legacy infrastructure to integrate APIs, we're making it more straightforward for our clients and for the merchant community to do business with us as a firm. When a client connects one time through our new API layer, they will be able to add a method of payment in one of these local markets that they bill into.7 This is both in terms of how merchants and clients connect into us for payments, 8 but also in the APIs we’re offering through the J.P. 6 Whether it’s integrating konbini convenience-store payments in Japan, enabling WeChat Pay, or allowing a merchant to accept cash payments in Mexican convenience stores, everything is driven by our new API architecture. We leverage APIs to be able to switch on new payment methods for our clients 5 in a rapid and streamlined manner.Morgan Wholesale Payments is investing heavily in API technology and we are taking an API-first approach 3 in order to help our clients create a seamless payment experience. The power of payments APIs: rapid access to new markets and real-time data
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