Over on Crowdfund Insider, JD Alois has published a news report about South Korea's Fintech Open Platform; an open API program that's looked after by South Korea's Financial Services Commission (FSC) and that has received the support of over 40 financial instituations operating in South Korea. The report reads like a case study regarding one of the key benefits of going with standards-based APIs instead of bespoke connectors for integration across otherwise dissimilar platforms:
The FSC explains there is an open API system within Fintech Open Platform that provides program commands needed when programming Fintech services with banking functions including money transfer and balance check in the form of standardized application programming interface (API)....Previously, financial service innovators had to sign separate contracts with each commercial banks in order to embed banking services in their programs. FSC provides an example of the challenges that are no more.
The report says that The Korea Financial Telecommunications & Clearings Institute along with Asian financial IT solutions provider Koscom will provide virtual data and simulation environments so the various supporting financial institutions and other fintech solution providers can test their wares against the standard.