OPEN BANKING & PSD2 SUMMIT — Apigee® (NASDAQ:APIC),
developer of a leading API platform, today announced Apigee Open
Banking APIx, a new software solution designed to help banks within
the European Union (EU) more quickly and easily embrace open
banking requirements generally set out in the revised Payment
Services Directive (PSD2). Built on the Apigee Edge API platform,
Apigee Open Banking APIx features pre-built application programming
interfaces (APIs) for banking, an open banking developer portal,
and additional tools to help empower financial institutions to
securely share data and build an ecosystem of partners and
customers.
In anticipation of the final adoption of PSD2 by EU Cabinet of
Ministers and subsequent enforcement of PSD2 at the member state
level, Apigee is teaming with leading global management consulting,
technology services and outsourcing company Accenture to work on
developing customized client solutions for open banking spurred by
PSD2. At Apigee’s Open Banking & PSD2 Summit in London today,
Apigee is showcasing its Open Banking APIx solution together with
industry use cases developed by Accenture. The collaboration is a
part of the ongoing Apigee and Accenture global alliance that was
established in 2013.
“We applaud the fact that the industry is moving quickly toward
open banking in the EU and incorporating clarity on the use of
emerging payment methods, such as mobile and online,” said Anurag
Wadhera, Apigee vice president, solutions. “In the open banking
model, value for financial institutions may come less from owning
and protecting data, and more from sharing and leveraging key
assets. Our open banking accelerator solution, together with
Accenture’s banking industry thought leadership, is designed to
demystify this process and help banks reap the potential benefits
of open banking faster.”
PSD2 Requires APIsPSD2, established by the
European Commission and currently pending the adoption by the EU
Counsel of Ministers, is a major policy development set to impact
the payments industry across Europe. The PSD2 seeks to standardize
and make interoperable card, Internet, and mobile payments. PSD2
may accelerate open banking because it requires banks to open up
data and transactions to certain new payment market entrants. By
January 2018, all financial institutions in the 28 EU member states
need to be PSD2 compliant.
"PSD2 presents a business opportunity as well as a compliance
obligation," said Simon Hamilton from Nationwide Building Society.
"For us, open APIs are a key element of an open banking strategy.
We are working with Apigee and Accenture to get our PSD2 programme
up and running quickly, with the right underlying technology, in a
way that can empower us to take full advantage of the benefits of
this new business model. It is readily apparent that the
combined team is extremely committed to our shared vision."
PSD2 requires that banks provide open access to regulated third
parties to customer account information, transaction information,
and payment initiation to these new third-party payment providers
via APIs (per the PSD2 XS2A rule), while meeting stringent
requirements for strong authentication and secure communication.
According to analysts at Gartner, “Banks will be required to
provide API access to customer accounts…This will require bank
investment in application service governance and API
management. For example, most financial institutions will
need to build or buy an API management gateway and create new APIs
to provide access to customer accounts.”[1]
“Regulatory changes in Europe such as the PSD2 may accelerate
payments innovation to a new phase of development for EU banks,”
said Jeremy Light, managing director, Accenture Payment Services.
“Banks must be ready to embrace these changes as catalysts for
positive innovation. Accenture has significant experience working
with our financial services clients to implement both front- and
back-end API transformation. We believe it is essential that banks
work with an API management platform that facilitates secure access
with partners and developers while also providing strong security
controls, and we look forward to continuing to working with Apigee
to help deliver their solution.”
Apigee Open Banking APIxApigee Open Banking
APIx leverages Apigee Edge, Apigee’s flagship product and leading
API management software. Apigee Open Banking APIx aims to simplify
and accelerate the process of delivering open banking by providing
APIs that are ready for immediate use, along with the computing
infrastructure to support internal and external innovation.
Apigee’s Open Banking APIx solution will provide digital teams,
including mobile and Web developers, with access to capabilities
including:
- A banking-specific developer portal with API documentation and
tools;
- A collection of pre-configured API proxies for banking APIs
such as Payment Transfer, Account Information, Transactions
History, Sufficient Funds, and Financial Products APIs;
- Payment Initiation Service Provider (PISP) and Account
Information Service Provider (AISP) - specific workflows, as well
as API product monetization;
- Pre-integrated OAuth security framework to support different
access models for internal apps or third-party providers, such as
PISPs, AISPs and Fintechs;
- Support for the XS2A rule in PSD2 through end-user
authentication using the OpenID Connect standard to allow multiple
authentication models, two-factor authentication, and consent
capture and management.
By leveraging Apigee Edge, Apigee Open Banking APIx also gives
operators the benefits of Apigee API management, including API
security, API analytics, API monetization, and developer
on-boarding capabilities.
Apigee Open Banking APIx solution APIs and developer portal are
available online here as a sandbox for banks and developers to
try. Banks can also deploy their own version of the Open
Banking APIx solution from here.
For more information about Apigee Open Banking APIx and other
industry-specific solutions built on the Apigee API management
platform solutions, go to
apigee.com/about/solutions/open-banking-apix.
About ApigeeApigee® (NASDAQ:APIC) provides an
intelligent API platform for digital business. Many of the world's
largest organizations select Apigee to enable their digital
business, including 33 percent of the Fortune 100, four of the top
five Global 2000 retail companies, and five of the top 10 global
telecommunications companies. Apigee customers include global
enterprises such as Walgreens, Burberry, Morningstar, and First
Data. Apigee is headquartered in San Jose, California. For more
information, go to http://apigee.com.
Safe Harbor StatementThis press release
contains forward-looking statements, including statements regarding
the expected market impact of regulatory changes, the launching of
and planned functionality, adoption and implementation of products
developed by Apigee or any other party mentioned in this press
release and the potential future customer benefits of using them.
These forward-looking statements are based on current expectations
and are subject to inherent uncertainties, risks and changes in
circumstances that are difficult or impossible to predict.
Consequently, you should not rely on these forward-looking
statements. Actual outcomes and results may differ materially
from those contemplated by these forward-looking statements as a
result of such uncertainties, risks and changes in circumstances,
including without limitation risks and uncertainties related to
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customers’ needs; the quality of Apigee’s software, support and
services and related infrastructure capacity; and any incorrect
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The foregoing list of factors is not exclusive. Additional risks
and uncertainties that could affect Apigee’s financial and
operating results are included under the captions "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and elsewhere in Apigee’s Quarterly
Report on Form 10-Q filed with the SEC on March 4, 2016. Apigee’s
SEC filings are available on the Investor Relations section of the
Company’s website at http://investors.apigee.com and on the
SEC's website at www.sec.gov.
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responsibility for, or obligation to update the forward-looking
statements provided to reflect any change in its expectations or
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[1]Gartner Inc.: “Use PSD2 to Accelerate Open Banking,”
published February 19, 2016, by Kristin R. Moyer, Christophe
Uzureau, and Alistair Newton.
Media Contact:
Alan Wanders
020 7009 3145
apigee@3monkeyszeno.com
Investor Contact:
Kevin Faulkner
+1 408.816.1658
ir@apigee.com
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