Open APIs are the key to fast, sustainable innovation and a critical part of our ecosystem strategy. While API providers work to hide the underlying complexities and provide access to desired functionality, API users are gaining new scope to innovate independently at their own speed.
With the provision of quick-to-implement REST APIs, our aim is to ensure that our clients and partners can make the most of tomorrow’s open banking environment and deploy and integrate their solutions as flexibly as possible, with no danger of lock-in.
Standardized, secure, scalable out-of-the-box APIs
To support our product modularization and new architectural features (with self-contained systems and loosely coupled microservices) and the regulatory requirements around open banking, we are extending our existing e-banking SOAP APIs with a defined set of REST APIs to cover many important business areas. These are built on one consistent data foundation and offer standardized access for internal and external applications to Avaloq modules. Avaloq will take full responsibility for every aspect of maintenance, including data access rights and security.
Our first open REST API is a PSD2-compliant API based on the UK Open Banking specification (https://www.openbanking.org.uk) which went live in June 2018. Besides its actual business functionality, this API also addresses key security aspects, such as the handling of a client’s consent for third parties to access his or her data.
Our broader set of open APIs is structured according to BIAN (Banking Industry Architecture Network) guidelines and provides out-of-the-box access to a wide range of business functionalities. The first wave of these APIs, due for release before the end of 2018 in release 4.7 (and back-ported to 4.5), will consist of 150 API endpoints and cover functionality in 16 API modules, as shown below.
First wave of Avaloq open APIs
All these APIs offer enhanced scalability, as they are built on a microservices model with dedicated read caches. We use business data events to extract information from the Avaloq database and update the read caches in near-real time. All our APIs are defined “API-first”, ensuring an outside-in, use case-based view for easily understandable APIs and allowing us to publish well defined API specifications.
To complement this range of out-of-the box APIs, clients can continue to build their own APIs using Avaloq software development kit components like AMI web services.
Hundreds of APIs any developer can use
In 2019, we will add a further set of REST API endpoints for the business areas originally covered and also extend our API coverage into other business areas.
Wholly new API coverage will be introduced for many additional domains, including collateral administration, external agency, operational services, market data, trade banking, deposits, consumer advisory, product management, cashier desk, client accounting, bank portfolio and treasury, and regulations and compliance.
To make sure our APIs are freely accessible and usable by everyone, we are publishing the API definitions in browsable form, including comprehensive documentation and OpenAPI3 specifications, on our developer portal.
Avaloq Developer Portal enhanced with API browser