Iso20022.js: Why Every Bank's APIs Suck
Bank APIs are challenging for developers due to outdated file transfer methods and fragmented interfaces. The future may focus on enhancing standards like ISO20022, with iso20022.js aiding integration.
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Bank APIs are often challenging for software engineers to integrate with due to their reliance on outdated communication methods. Despite banks being early adopters of computer technology, their APIs are not user-friendly and frequently rely on file-based systems rather than modern REST APIs. Most banking transactions, such as SWIFT payments, are executed through file transfers via SFTP, which complicates integration for developers accustomed to HTTP APIs that return predictable JSON responses. Additionally, the fragmentation of banking APIs, with each bank offering different interfaces for various payment types, creates further obstacles. Unlike developer-friendly platforms like Stripe, banking APIs lack a unified and ergonomic design, making them difficult to work with. The future of banking communication may not lie in new API development but rather in enhancing existing file-based standards, such as ISO20022, which is increasingly being adopted globally. The author has created iso20022.js to facilitate easier interaction with this standard, aiming to simplify the integration process for developers.
- Bank APIs are primarily based on outdated file transfer methods rather than modern REST APIs.
- Integration with banking systems is complicated due to fragmented and non-user-friendly interfaces.
- The future of banking communication may focus on improving existing file standards like ISO20022.
- The author developed iso20022.js to help developers work with the ISO20022 standard more easily.
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