We have just released version 1.0.0 of the Payment Initiation and Account Information API standards developed as part of our API workstream. These standards are now available to view on Confluence.
In the coming months we’ll be opening an API standards service where organisations can apply to become registered standards users and start being part of the new API standards ecosystem. Make sure you’re on our mailing list to receive updates about the launch of this service.
The API workstream has been a central part of our Payments Direction strategic initiative since 2017. We have been working with the industry to design and develop common payments-related APIs, and set up an operating framework to manage the use and iteration of those standards by the industry. In 2018 we launched a pilot to accelerate the development of the standards and help inform the design of the operating framework. This pilot has recently come to a successful close, and we’d like to thank our development partners and working group organisations for their time and effort in supporting the pilot. We’ve recently shared some of the key insights from our pilot if you’d like to know more about how it went.
In launching this workstream, the industry agreed on a set of five strategic objectives which stated that the common standards and supporting framework should promote:
- Simplification and consistency of delivery
- Increased speed to market
- Enhanced services
- Simplified partnering
- Optimal governance
It was within the context of these strategic objectives that the industry recommended running an industry pilot. It was launched to facilitate the development of two minimum viable product (MVP) API standards – Account Information and Payment Initiation. The pilot has meant that we have been able to:
- Develop the standards and framework in conjunction with future standards users.
- Ensure what we developed aligns with market demand.
- Leverage the collective experience across industry.
- Provide the opportunity for organisations to share the API work they have already undertaken and factor this into the standards development process.
- Provide the opportunity to deliver standards in an incremental and flexible way.
Also critical to the standardisation of payments-related APIs was the development of a supporting management framework that would govern how people can access, use and contribute to the standards going forward.
In this regard we have designed an API standards service which will serve as an industry-led body responsible for defining roles, governance, minimum standards and API specifications. This new service will open in the coming months and play a key role in the maintenance of common standards for the industry, as well as provide a vehicle to establish and progress industry API strategy.