BBVA leads the ranking of the 11 banks and fintech firms developing the best open platform strategy, according to 11FS. The fintech consulting firm notes that BBVA “has taken the bull by the horn” by making a wide range of APIs available to developers through the BBVA API Market.
11FS identified the banks that are adopting a proactive approach and leading in API development so that third parties can build their new services based on their capacities or data. Their post, 11 Banks and fintechs doing APIs better than you, coincides with the British Competition and Markets Authority’s report instructing the financial industry to introduce a series of reforms to make open banking a reality.
One of these reforms involves the requirement for European banks to give access to their data and share them on APIs, to be enforced starting in the first quarter of 2018.
The British CMA considers this measure fundamental to foster competition and for the development of personalized, transparent services that will make it easier for individuals and companies to manage their finances.
BBVA is listed as one of the banks that has done its homework. On API Market, previously authorized developers can access up to eight APIs for the Spanish market and four more for the U.S.
These APIs provide access to data on accounts, cards, payments, statistics, loans and notifications so that other companies can use them in an innovative way to create new services and products.
Other companies included in 11FS’ list are Capital One, HSBC, M-Pesa, Fidor, Transferwise, Zopa, Credit Agricole, Monzo, Braintree and Stripe, and GoCardless.
11FS maintains that even though these early initiatives may seem a bit “boring” or limited, they are very important steps in the right direction. Banks are putting the infrastructure in place to be ready for the open platform revolution. “They are forging relationships with developer communities and gaining valuable experience in this exciting new world of open banking,” concludes 11FS.