The Banking Industry Architecture Network (BIAN), an independent, not-for-profit association, has published an updated version of its standardised global IT architecture model for Open Banking.
Titled, Service Landscape 6.0 (SL6.0), 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 Open Banking APIs into the banking ecosystem.
The API definitions are compliant with the SWIFT ISO20022 Open Banking standardisation approach, recognised and compatible with banks universally.
SL 6.0 BIAN 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 added 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 a number of additional Service Domains in a Business Area in which the models are over a decade old and in need of disruption.
The updates from BIAN will immediately benefit the UK financial services sector, as the government calls on the industry to deliver a more innovative and competitive Open Banking environment for customers.
The introduction of standardised definitions for APIs means they can be built confidently, in accordance to the strict quality and regulatory standards of all major banks across the world. In addition to this, development costs will be reduced, encouraging newer players to innovate in the space. As a result, the banking industry will be able to bring solutions to market faster, and better meet demands for smarter and more transparent services.
“The updates in SL 6.0 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,” says Hans Tesselaar, executive director BIAN.
“As the EU banking environment evolves, it is likely other regions will take note, sparking the drive towards a high quality, efficient global open banking standard.”
To find out more about BIAN please visit: www.bian.org