January 15th, 2018 at 1:18 pm UTC · 2 min read
Forty Seven Bank will use an Open API that allows businesses and partners to develop and integrate third party applications and services within Forty Seven’s banking infrastructure.
This modular API architecture will enable Forty Seven to engage third-party developers, and in the process, ensure Forty Seven can evolve, develop and adopt new technologies at a very fast pace, and adapt its services to new customer needs. The Forty Seven API will be divided into small domain-specific parts – Account information API; Payment API; Trading API; and White Label API.
Access to the Forty Seven system and all activities through its open API will be secure and strictly controlled. In order to qualify for access to our API, developers will be required to create developer accounts and register their applications within our system. Private keys will be used to authorise all API calls from applications and to prove that API calls come from the correct verified application.
Forty Seven Bank will provide a rich user interface for application developers, through which developers will be able to manage every aspect of their applications. Developers will beprovided with special tools to monitor key performance indicators and metrics – such as application install rate, the number of active users, API call rate, and the number of successful API calls and failures. All important changes to the Forty Seven infrastructure will be meticulously audited.
All of Forty Seven’s processes and practices will be fully compliant with the standards and recommendations of European Commission Directive PSD2 and adhere to the current guidelines of the Regulatory Technical Standards document published by the European Banking Authority.