Benefits for Developers In the context of development, the benefits of Open APIs are vast and substantial. Explore the benefits below: I. Self-Documentation • Documentation is built dynamically and remains consistently up‑to-date • Commonly deliverable via HTML or PDF • Handy access for developers (via HTML-based documentation sites) to test API endpoints II. Compatibility • Data format is programming language independent, lightweight • Allows for complex data structures while remaining human‑readable • Information is accessible through nearly all devices or platforms III. Accessibility • Readiness via standard web technologies • Straightforward integration process for developers IV. Security Through Strong Controls in Place • Protection via encryption technology • Keys and single-use tokens • Firewalls that increase the detectability of intrusion • Granular security controls that limit entry to required access points V. Functionality • Functionality can be pulled into other applications instead of being trapped into exclusively using the main interface • Access to different sub-areas of the application can be granted without exposing the entire application • For applications written to consume an Open API, a “sandbox” can be used to invoke the API using test data With such value-enhancing benefits riding on the successful utilization of Open APIs, it is paramount for financial institutions to know what to look for in their hosting provider. Identifying Your Hosting Provider of Choice: Security, Access and Support As security plays a foundational role in all financial operations, banks must feel empowered by the knowledge that their data, which lies behind these APIs, is well secured. Adherence to industry standards for security on the part of hosting providers is the best way to ensure data protection. While true security necessitates that access to sensitive information be limited, it is optimal for the API documentation to be dynamic and accessible by the financial institutions they serve. Should challenges present themselves in the utilization or access of the APIs, adequate support is also essential. As such, it is advantageous to ask questions surrounding the support protocols that the API provider offers for developers and integrators specifically. Crystal Liebl, Development Web and UI Officer at DCI, speaks to the importance of provider support, saying, “While quality APIs are self-documenting, it’s crucial to have a vendor like DCI that can assist promptly with any challenges or questions that may occur. Commitment to great support is key to ensuring a smooth and quick implementation process.” Expanded digital capabilities for customers and institutions alike are always within reach through Open API technology. 7 The CommunityBanker
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