The Electronic Payments Association’s API Standardization Industry Group (ASIG) has formally launched its open, online community – 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.
First two new standardized APIs for testing
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.
Join the movement
Industry stakeholders are invited to learn more and test the newly released standardized APIs by visiting 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.
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