NACHA, the Electronic Payments Association's API Standardization Industry Group (ASIG), and Accenture announced Wednesday they are joining forces to create a community of API resources.
In a press release, the groups said the initiative will include a microsite and developer portal aimed at supporting API standardization across payments. The community will provide the financial services industry with several API resources, such as developer tools, training materials, blogs about products, articles and samples of code, the companies said. The idea is to work with financial services companies and developers to create services based on collaboration, while tapping each other's knowledge in service development.
“To foster adoption, drive innovation and simplify integration of the APIs we’ve identified, we felt it was critical to offer the payments ecosystem tools to educate, develop, test and provide feedback,” said George Throckmorton, managing director at NACHA. “By partnering with Accenture, we’re able to offer business and technical resources via a digitally enabled platform with all the tools needed for successful deployment of APIs.”
NACHA said in the release that standardized APIs are becoming important for financial services companies that want to offer fast and efficient digital services.
According to NACHA, in 2017 ASIG identified 16 APIs that will have a near-term impact on payments in the financial services industry. From there, they whittled it down to five APIs for the initial focus. The resource community will be designed to support that initial list of APIs, which will expand over time as more are identified and targeted.
“We’re delighted to work with NACHA and ASIG to bring forward a comprehensive resource that will help the industry pivot toward more open and interoperable banking," said Conrad Sheehan, a managing director in Accenture’s Payments practice. "This initiative will support next-generation market innovation, new operating efficiencies for industry participants and better experiences for retail, corporate and internal industry users."