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 open banking movement is building momentum globally. The use of open APIs enables banks to partner with FinTechs to build new and better digital experiences, but is also generating massive volumes of API calls, which is causing latency and security issues and growing costs in legacy environments.
F5’s API-first designed solutions maximize performance by reducing the average response time to serve an API call and minimizes the footprint and complexity of the gateway. Moreover, F5 security solutions are safeguarding APIs and Shape is mitigating API fraud and abuse.
Regardless of how many APIs connect to your open banking platform, F5 has your API performance and security covered.
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.