Open banking is revolutionizing how people across the globe spend their money but it’s also opening up financial institutions to security threats they haven’t faced before.
The use of open APIs enables banks to partner with FinTechs to build new and better digital experiences, but also generates massive volumes of API calls which cause latency and security issues. F5 API-first designed solutions maximize performance and minimize the footprint and complexity of the gateway. Moreover, F5 security solutions safeguard APIs and mitigate fraud and abuse.
Banks must allay consumer fears about the risk of fraud or data breaches in adopting open banking practices. To build that essential trust, you must develop strategies to modernize your apps by implementing an application security strategy for 360° protection that goes beyond just testing for software vulnerabilities.
In many open banking applications, every millisecond matters. With F5, you can achieve previously impossible speeds through real-time APIs. Take Capital One’s developer portal. F5 technology has enabled them to scale applications to 12 billion operations per day, with peaks of 2 million operations per second at latencies of just 10–30 milliseconds.
Securely enable financial aggregators to innovate and deliver customer value.
Discover, develop, and deploy APIs across any environment using simple, fast, and scalable multi-cloud API management solutions.
This report by Twimbit examines the challenges, catalysts for change, and growth models of open banking.