Independent Banker - June 2018 - 24

PORTFOLIO
Avoiding API freefall
Technology
Increasingly, application programming
interfaces are the engines driving
online and mobile banking innovation. But what are the
security considerations of this more open approach to
financial services? By Colleen Morrison
" T
here may be nothing more crucial to the future of
banking as the application programming interface,
or API. " So says the World Retail Banking Report 2017.
APIs facilitate the sharing of specifi c data and information,
which simplifi es the development of new banking products.
With the fi ntech boom, APIs have grown from an outlier
solution to an integrated part of bank off erings. For instance,
by pulling in GPS technology, an API could enable ATM locators
in your community bank's mobile banking app.
" APIs are not exclusive to larger fi nancial institutions, "
notes Brian Laverdure, director of emerging payments at
EPCOR, a payments association in Kansas City, Mo. " I know
24 Q ICBA Independent Banker Q June 2018
of many small credit unions and banks currently engaged in
active API implementation. "
Case in point: MainStreet Bank, an $800 million-asset
community bank headquartered in Fairfax, Va., uses APIs to
support its high-tech customers. " The ability to off er payment
processing interfaces using APIs enables MainStreet Bank to
win business, " says Dan Miner, CTP, senior vice president
and director of payment systems. " Our unique set of hightech
and high-volume clients requires that we off er APIs to
interface with the bank directly, securely and effi ciently. "
Security considerations
As community banks get more skin in the API game, security
remains top of mind. In fact, the World Retail Banking
Report reveals that 69.5 percent of banks cite data security
and customer privacy as top-ranking API concerns. And
with high-profi le hacking incidents becoming ever more
common, this concern is for good reason.

Independent Banker - June 2018

Table of Contents for the Digital Edition of Independent Banker - June 2018

Table of Contents
Independent Banker - June 2018 - Intro
Independent Banker - June 2018 - Cover1
Independent Banker - June 2018 - Cover2
Independent Banker - June 2018 - Table of Contents
Independent Banker - June 2018 - 2
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Independent Banker - June 2018 - Cover3
Independent Banker - June 2018 - Cover4
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