AIB Launches APIs in Ireland
AIB has launched Ireland’s Open Application Programming Interfaces (APIs). The technology allows customers to benefit from secure trusted technology from third party providers (TPPs), once they give their permission to do so. Open APIs are a way to allow trusted TPPs to access, should the customer choose, their financial data in order to offer the customer a banking service directly, meaning new solutions can be developed by external partners.
For TPPs such as fintechs, open APIs are considered the best practice approach for technology integration. The technology specifications for AIB’s Open APIs are publicly available, meaning it is easy for anyone to understand how their APIs work and how to integrate with them. The bank also provides a publicly available dedicated testing sandbox.
This move builds on AIB’s experience in the UK, where over 20 newly regulated TPPs are now accessing the bank’s UK APIs. These TPPs are making thousands of API calls every month, with volumes increasing rapidly.