Belitsoft was contacted by the founders of a startup from one of the EU Member States. They wanted to create a mobile app that would support SEPA Instant Credit Transfer (SCT Inst) scheme to make real-time payments.
The global trend is the increased third-party demand to connect to the Open Bank API. As this technology allows the banks to increase the number of transactions, it serves as an incentive to comply with SEPA requirements and make their APIs better.
SEPA scheme cover 36 countries and territories, including 28 EU Member States, as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra, and Vatican City State/Holy See. Today 2079 payment service providers (PSPs) have already joined the scheme (51% of European PSPs).
According to the PSD2’s Regulatory Technical Standards (RTS), banks across the EU are required to have implemented their dedicated interfaces (open API) for third parties to use by September 2019.
However, most of the EU banks (their UK counterparts are doing better) still have trouble with the technical side of the matter. The available APIs aren’t mature enough. The main reason for this is the banks’ reluctance to make some of their inner workings 100% open.
In our experience with API development, many banks don't adhere to RESTful API implementation standards, and not all possess specialists to debug interactions with their APIs.This increases the time needed to integrate another bank with client’s solution. Moreover, this forces developers to make changes in the existing modules, creating an error risk.
To solve this problem, our dedicated mobile app developer created an intermediary layer - a Gateway API that would let us connect external banks’ open APIs without affecting the core system of our client.
The app uses a custom-build API Gateway - a backend app, microservice that connects the APIs from European banks that participate in SEPA Payment Scheme and provides a single API. Our client also plans to sell access to this single API as a SaaS product.
PayPal became an investor of this startup.
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