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Homepage>BS Standards>35 INFORMATION TECHNOLOGY. OFFICE MACHINES>35.240 Applications of information technology>35.240.40 IT applications in banking>PD ISO/TS 23029:2020 Web-service-based application programming interface (WAPI) in financial services
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immediate downloadReleased: 2020-02-28
PD ISO/TS 23029:2020 Web-service-based application programming interface (WAPI) in financial services

PD ISO/TS 23029:2020

Web-service-based application programming interface (WAPI) in financial services

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Standard number:PD ISO/TS 23029:2020
Pages:62
Released:2020-02-28
ISBN:978 0 580 52461 5
Status:Standard
PD ISO/TS 23029:2020 - Web-service-based Application Programming Interface (WAPI) in Financial Services

PD ISO/TS 23029:2020 - Web-service-based Application Programming Interface (WAPI) in Financial Services

Standard Number: PD ISO/TS 23029:2020

Pages: 62

Released: February 28, 2020

ISBN: 978 0 580 52461 5

Status: Standard

Overview

The PD ISO/TS 23029:2020 is a comprehensive standard that provides guidelines for implementing a Web-service-based Application Programming Interface (WAPI) specifically tailored for the financial services sector. This standard is essential for organizations looking to enhance their digital infrastructure and streamline their financial services through modern web technologies.

Key Features

  • Comprehensive Guidelines: This standard offers detailed instructions and best practices for developing and deploying WAPIs in financial services, ensuring that your organization can effectively leverage web services to improve efficiency and service delivery.
  • Industry-Specific Focus: Tailored specifically for the financial services industry, this standard addresses the unique challenges and requirements of financial institutions, providing solutions that are both practical and effective.
  • Enhanced Security: With the increasing importance of data security in financial transactions, this standard includes robust security protocols to protect sensitive information and ensure compliance with regulatory requirements.
  • Interoperability: The standard promotes interoperability between different systems and platforms, facilitating seamless integration and communication across various financial services applications.
  • Future-Proofing: By adhering to this standard, organizations can ensure that their WAPI implementations are scalable and adaptable to future technological advancements and industry changes.

Benefits of Implementing PD ISO/TS 23029:2020

Implementing the PD ISO/TS 23029:2020 standard can bring numerous benefits to your organization, including:

  • Improved Efficiency: By standardizing the development and deployment of WAPIs, organizations can reduce development time and costs, leading to more efficient operations.
  • Enhanced Customer Experience: With streamlined processes and improved service delivery, customers can enjoy a more seamless and satisfying experience when interacting with your financial services.
  • Regulatory Compliance: The standard ensures that your WAPI implementations meet industry regulations and standards, reducing the risk of non-compliance and potential penalties.
  • Competitive Advantage: By adopting cutting-edge web service technologies, your organization can stay ahead of the competition and offer innovative solutions to your clients.

Who Should Use This Standard?

The PD ISO/TS 23029:2020 standard is ideal for a wide range of stakeholders within the financial services industry, including:

  • Financial Institutions: Banks, credit unions, and other financial entities looking to modernize their digital infrastructure and improve service delivery.
  • Software Developers: Developers and IT professionals responsible for creating and maintaining web services in the financial sector.
  • Regulatory Bodies: Organizations responsible for overseeing compliance and ensuring that financial services adhere to industry standards.
  • Consultants: Professionals providing advisory services to financial institutions on technology implementation and digital transformation.

Conclusion

The PD ISO/TS 23029:2020 standard is an invaluable resource for any organization in the financial services industry looking to enhance their web service capabilities. By providing a clear framework for the development and deployment of WAPIs, this standard ensures that your organization can deliver secure, efficient, and innovative financial services to your clients. Embrace the future of financial services with the PD ISO/TS 23029:2020 standard and position your organization for success in the digital age.

DESCRIPTION

PD ISO/TS 23029:2020


This standard PD ISO/TS 23029:2020 Web-service-based application programming interface (WAPI) in financial services is classified in these ICS categories:
  • 35.240.40 IT applications in banking

This document defines the framework, function and protocols for an API ecosystem that will enable online synchronised interaction. Specifically, the document:

  • defines a logical and technical layered approach for developing APIs, including transformational rules. Specific logical models (such as ISO 20022 models) are not included, but they will be referenced in the context of specific scenarios for guidance purposes;

  • will primarily be thought about from a RESTful design point of view, but will consider alternative architectural styles (such as WebSocket and Webhook) where other blueprints or scenarios are offered;

  • defines for the API ecosystem design principles of an API, rules of a Web-service-based API, the data payload and version control;

  • sets out considerations relevant to security, identity and registration of an API ecosystem. Specific technical solutions will not be defined, but they will be referenced in the context of specific scenarios for guidance purposes;

  • defines architectural usage beyond query/response asynchronous messaging towards publish/subscribe to support advanced and existing business models.

This document does not include:

  • a specific technical specification of an API implementation in financial services;

  • the development of JSON APIs based on the ISO 20022 specific message formats, such as PAIN, CAMT and PACS;

  • a technical specification that is defined or determined by specific legal frameworks.