Submit support requests and browse self-service resources.
What is BIAN? For anyone in the banking, insurance, and finance industries – understanding BIAN standards and practices is critical to digital competitiveness.
The Banking Industry Architecture Network (BIAN) is a global collective non-profit group of technology providers, banks, academics, and consultants who partner to create digital standards and best practices in service-oriented architecture (SOA) and banking APIs. This collaborative seeks to streamline digital banking practices and improve interoperability in the face of rapid customer change and digital transformation.
BIAN semantic APIs are a collection of banking-related APIs that live in a single portal and are available for organizations to incorporate in their API management strategy. These public APIs speed time-to-market and improve banking best practices for financial organizations who adopt them.
The banking and finance industries have evolved rapidly in recent years. As customers have changed digital purchasing behavior, financial institutions must meet new demands. The always-on economy, digital disruption, and new mobile payment applications have all combined to put pressure on financial institutions to change at breakneck pace.
Organizations have put forth a variety of frameworks and tools for modernizing digital banking practices, incorporating APIs, and meeting customer demands. So how do all these trends fit together?
Open Banking is a series of European regulations enabling customer data ownership through modern API practices. While it started in Europe, open banking has become a global phenomenon. In short, it’s all about requiring banks to modernize and best serve customers. A revised payments services directive (PSD2) was released in 2016 requiring European banks to adopt new digital standards by 2018.
Here’s how Open Banking matters in context of BIAN:
Financial-grade APIs (FAPI) is a security framework pioneered by OpenID Foundation. It provides a model for performing user authentication via JSON Web Tokens (JWT). It also helps close security loopholes by strengthening authN and authZ procedures associated with OAuth-secured API requests. As APIs have become a leading security threat vector, FAPI offers an airtight method for keeping financial transactions secure.
Here’s how it relates to BIAN:
Embedded finance involves blending financial services into non-financial platforms, applications, and digital applications. It allows customers to access financial services without leaving the application or service they are using at that moment. Embedded finance means customers can shop or purchase items while using social media, browsing a non-financial website, or while using a variety of applications.
In order to scale modern digital banking practices supported by BIAN, you need full lifecycle API management. APIs are the glue that allow your organization to compile the functionality and security required for meeting BIAN standards. Without APIs – BIAN, Open Banking, FAPI, and other modern digital banking developments would be impossible.
Akana’s API management solution offers clients BIAN, open banking, and FAPI-conformant API tools and features including:
Find out if you qualify for a free 6-month trial of Akana.
Start Free Trial