March 4, 2017
NACHA announced the completion of its exploratory effort around the value of API standardization for the US financial services industry. In collaboration with Accenture, NACHA led a comprehensive research project, which included an analysis of the U.S. financial services market; examination of the potential roles and responsibilities of industry stakeholders within a standardized API ecosystem; identification of potential use cases; and an evaluation of the opportunities and challenges a standard set of APIs could provide to the industry. The results of the effort show that API standardization can address ACH Network pain points and benefit the entire payments ecosystem – from financial institutions, businesses and consumers to FinTechs – through improved security and transparency of transactions, increased efficiencies and speed of communications, and enhanced support of payments innovations.
APIs are not new to the payments industry,