The Revised Payment Service Directive (PSD2) is one of the most groundbreaking pieces of financial legislation ever adopted by the EU. The directive has the potential to fundamentally alter the European banking industry as we know it, affecting both individual consumers and businesses.
The most significant result of PSD2 is banks must ensure that account holders are able to initiate an online payment and retrieve their account information via third-party providers. For that reason, all financial institutions in EU are required to expose secure and reliable open APIs.
In response to open banking regulations and usage pattern changes of contemporary banking stack, intive developed its own OKAPI solution, which accelerates and simplifies the process of meeting the new requirements. It allows rapid deployment of banking APIs and facilitates integration with third parties as well as implements the highest level of security.
Aware of the shortcomings of traditional approaches to API exposition (e.g. ESBs connected to a core banking system; potentially supported with an API management platform), intive designed OKAPI to do just the opposite. It is developed to isolate the bank’s core system from the externally exposed APIs - both load and security wise. Regardless of the number of API clients – the underlying system will always remain under control.
One answer to multiple needs
OKAPI is extremely flexible and customer-oriented. It gives banks and financial institutions the ability to implement different APIs, depending on the requirements of the specific markets. Moreover, it is unique in its ability to describe the permissions that can be delegated to a third party – no other API targeted solution on the market can match it in terms of configurability.
The solution was made specifically for hosting open banking APIs, which makes it also the ideal solution for several other use cases, especially for mobile application middleware.
Thanks to the adoption of the Pareto’s rule, 80% of the implementation process is covered by ready OKAPI’s components, while 20% can be tailor-made for a specific organization.
Be it the database, the message broker or the monitoring solution – intive is ready to support them and ready to take the existing environment into consideration to protect client’s investments, lower the acceptance barrier, and make the transition comfortable.
To learn more about the solution, visit okapi.intive.com