Systems | Development | Analytics | API | Testing

Open Banking is a key digital transformation initiative in many countries. Its aim is to provide end users with more control of their financial data and to enable companies involved in banking, financial services, and insurance (BFSI) to quickly offer new services. The Kong-AWS partnership provides the right technology enabling these financial institutions to transform and meet the key requirements of Open Banking.

One of the most common questions we’re asked by prospective customers is “what’s the right way to get started with API monetization?” In this article, we’ll do our best to lay out what we’ve seen work most frequently — and call out a few common pitfalls as well. What we can say with certainty is that, “Build it and they will come,” doesn’t work as an API monetization strategy.

Finastra has ambitious goals – to open up the world of finance. As Joey White, SVP of technology for Finastra, says, “The future of finance is open. All of the currently closed systems within banking will need to open to serve a digital future.” To him, open means understanding what you don’t know, specifically, the particular modality of use and that change is the only constant.

In our previous post, we discussed the benefits and drawbacks of two of the most popular API models – REST and gRPC. In this post, we’ll highlight the final API model in our series, GraphQL. Finally, we’ll recap our learnings with a side-by-side comparison of REST, gRPC and GraphQL.