Open banking and payment APIs

“An important part of the digital experience is that it’s in real time. It can’t be delayed. APIs support the delivery of that real-time experience.” – Richard Stocken, Head of Cash Management Product at Absa Transactional Banking

API White Paper 2024

After years of hesitancy, more and more businesses are now embracing application programming interface (API) technology as a vehicle to deliver real-time digital experiences for their customers. “Absa has been on the API journey for some time now,” says Anathi Mkhize, Product Head of Integrated Propositions at Absa CIB, “Many of our APIs are at the stage where they are quite mature and are doing millions of transactions.”

Payments, and the ability to monetise open banking, are APIs’ most common banking use case. But how do APIs work, and how can they enhance the customer journey? This research paper explores the technology and provides guidance on what business leaders should look for when selecting an API partner.

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