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Standardisation

  1. 3.19Institutions should consider the adoption of standardised APIs that are issued either by Supervisory Authorities or the industry. Standardised APIs can, among other matters, include the following:
    1. a.API design standards: Adopting a uniform API design model and language across the relevant financial services industry based on a broad range of design considerations;
    2. b.Data standards: Adopting international Data standards that define the semantics and syntax of Data being transmitted using APIs, based on the type of Data being transacted and the use case, to promote interoperability; and
    3. c.Information security standards: Adopting international information security standards to ensure information is securely transmitted through APIs.