Bankableapi Blog

  Data mapping sits at the heart of ISO 20022 migration. It's the process of determining how each field in a legacy payment message corresponds to its equivalent in the new standard. This sounds straightforward in theory. In practice, it becomes one of the most time-consuming, complex, and error-prone aspects of the entire migration journey. Banks that approached ISO 20022 migration with traditional mapping methods quickly discovered a sobering reality. What was estimated as a three-month effort extended to nine months or more. Accuracy rates hovered around 70-80%, requiring extensive rework. And edge cases—those unusual but valid message variations—continued to emerge well into production, causing operational disruptions and customer dissatisfaction. Forward-thinking institutions have found a better way. By applying artificial intelligence to the data mapping challenge, these banks have dramatically accelerated their migration timelines while improving accuracy and reducing operat...

Will Open Banking Create the Next Financial Scandal? Examining Data Security Risks Open Banking, while offering numerous benefits for financial innovation and consumer choice, also introduces new challenges in data security and privacy. This analysis explores the potential risks associated with Open Banking that could lead to significant data breaches or misuse of consumer information. Increased Attack Surface Open Banking necessarily involves the sharing of sensitive financial data across multiple platforms and entities, potentially increasing vulnerabilities. The proliferation of APIs and data sharing points creates more potential entry points for cyber-criminals. Third-party providers may have varying levels of security sophistication, potentially creating weak links in the ecosystem. The volume and value of data being transmitted make Open Banking an attractive target for hackers. A 2023 report by cybersecurity firm CrowdStrike found a 32% increase in attacks targeting financial se...

Is Open Banking a Financial Time Bomb Waiting to Explode? Examining the Potential Risks   Open Banking, while offering numerous benefits, also presents significant challenges and potential risks to the financial ecosystem. This analysis aims to uncover and examine the less obvious dangers associated with Open Banking that could potentially destabilize aspects of the financial world if not properly addressed. Data Security and Privacy Concerns The increased sharing of financial data inherent in Open Banking creates new vulnerabilities that malicious actors might exploit. Open APIs increase the number of potential entry points for cyberattacks. The volume of sensitive financial data being transmitted between entities grows exponentially. Consumers may not fully understand the implications of granting data access to third-party providers. A 2023 survey by cybersecurity firm Kaspersky found that 85% of financial organizations experienced at least one cybersecurity incident related to d...

API Marketplaces: The App Stores of the API Economy In the rapidly evolving landscape of digital business, API marketplaces have emerged as game-changing platforms, revolutionizing how companies access, distribute, and monetize software capabilities. But what exactly are API marketplaces, and why are they being hailed as the "app stores of the API economy"? This article delves into the world of API marketplaces, exploring their definition, impact, and the transformative power they hold for businesses of all sizes. Demystifying API Marketplaces: The Digital Bazaars of the 21st Century At their core, API (Application Programming Interface) marketplaces are centralized platforms where developers and businesses can discover, purchase, and sell APIs. Think of them as bustling digital bazaars where the currency is code, and the products are powerful software capabilities ready to be integrated into applications. But why the buzz? In an era where digital transformation is no longer ...