Open Payment API
Open Payment API
technology application

Open Payment API

1
domains
4
stories
3
SDGs
updatedApr 6, 2021
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A communication protocol that facilitates interoperable payments between banks and other financial service providers.
A communication protocol that facilitates interoperable payments between banks and other financial service providers.

A software-to-software interface communication protocol that specifies how software components should interact with each other, delivering the functionality demanded without any user intervention. Traditionally, payments are effectuated within inflexible and costly point-to-point solutions. Open Application Programming Interfaces (APIs), instead, offer users the option to freely use one network to leverage real-time payments and navigate multiple accounts in multiple currencies, providing a seamless payment experience. This service-oriented architecture is based on open payment solutions to various financial services such as electronic bill payments, global money transfers, and P2P transfers.

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  • 09 Industry, innovation and infrastructure
  • 08 Decent Work and Economic Growth