A standardized approach will simplify and improve client experiences while maintaining security and reliability.

API Standards will help provide a baseline for creating improved and new services more quickly such as advanced information reporting and analytics. The focus will be off the foundational design of the API and onto the business need and approach for the customer-centric solutions.

Verifying account information before transaction processing can reduce fraud. Banks being able to communicate quickly and with less friction will mitigate risk and limit losses

A standardized API design and approach allows developers to easily implement new capabilities and deliver them more quickly. APIs also will provide a framework for information to flow more quickly and seamlessly supporting faster payment option such as Same Day ACH

Imagine the ability across a diverse set of stakeholders and technologies, a standardized suite of APIs to develop and implement capabilities such as a trace requests, transaction history lookup and acquiring payment status. For banks, this would shorten the overall project development lifecycle and improve time to market across client segments

Customer expectations across the financial services landscape continue to be influenced by payments being part of a broader experience like cunsumers experience when paying for coffee, a car service or buying music.

When payments are interoperable, they allow two or more infrastructures, platforms, and/or different products to interact seamlessly, enabling faster, more efficient, and transparent transactions across disparate systems.
Interoperability is significant because it permits customers to make payments in a convenient, affordable, seamless and secure manner.