BIAN plans API hours with new guidelines
The Banking Industry Architecture Network (BIAN), a not-for-profit fintech association, has published an updated version of its standardised global IT architecture model.
Titled “Service Landscape 6.0” (SL 6.0), the model contains definitions for 26 new types of semantic API, like “execute customer onboarding” and “customer offer for consumer Loan”, providing banks and software developers in the broader financial services community with “consistent guidelines” for creating and implementing APIs into the banking ecosystem.
Hans Tesselaar, executive director BIAN, says the updates “will be important in helping the financial services industry to deliver on its open banking requirements, making it easier for the industry to get on the front foot of innovation and deliver better services for the cohort of increasingly tech-savvy customers”.
BIAN says the API definitions are compliant with the Swift ISO20022 open banking standardisation approach, recognised and compatible with banks universally.
SL 6.0 also includes a more in-depth IT model and architecture for credit cards, an area in which the model is over a decade old and in need of disruption.
BIAN’s SL 6.0 adds “significant refinement” of the model for cards products, taking into account the different roles of issuer, acquirers and the network providers. This has resulted in several additional service domains in a business area in which the models are over a decade old and in need of disruption.
