A lack of consistency and standardization was often cited as a challenge by payment system providers such as central banks when implementing APIs. This is according to a survey held among such providers over the course of 2021, specifically asking for strategies behind the adoption of such application programming interfaces. The source acknowledges that a lack of harmonization is considered a major challenge, not only from a domestic point of view but an international one as well. Cross-border payments, especially, is impacted by this as different local payment systems rely on different APIs - some of which are custom-made for that particular country, or some of which rely on older legacy technology. It is in this aspect where the industry hopes that ISO 20022 - a new messaging standard for payment systems and financial institutions across the world - might solve some of these issues.
Key challenges observed in the implementation of application programming interface (API) in payment systems across the world in 2021
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Bank for International Settlements. (July 1, 2022). Key challenges observed in the implementation of application programming interface (API) in payment systems across the world in 2021 [Graph]. In Statista. Retrieved November 26, 2024, from https://www.statista.com/statistics/1386080/challenges-of-adopting-api-in-payments/
Bank for International Settlements. "Key challenges observed in the implementation of application programming interface (API) in payment systems across the world in 2021." Chart. July 1, 2022. Statista. Accessed November 26, 2024. https://www.statista.com/statistics/1386080/challenges-of-adopting-api-in-payments/
Bank for International Settlements. (2022). Key challenges observed in the implementation of application programming interface (API) in payment systems across the world in 2021. Statista. Statista Inc.. Accessed: November 26, 2024. https://www.statista.com/statistics/1386080/challenges-of-adopting-api-in-payments/
Bank for International Settlements. "Key Challenges Observed in The Implementation of Application Programming Interface (Api) in Payment Systems across The World in 2021." Statista, Statista Inc., 1 Jul 2022, https://www.statista.com/statistics/1386080/challenges-of-adopting-api-in-payments/
Bank for International Settlements, Key challenges observed in the implementation of application programming interface (API) in payment systems across the world in 2021 Statista, https://www.statista.com/statistics/1386080/challenges-of-adopting-api-in-payments/ (last visited November 26, 2024)
Key challenges observed in the implementation of application programming interface (API) in payment systems across the world in 2021 [Graph], Bank for International Settlements, July 1, 2022. [Online]. Available: https://www.statista.com/statistics/1386080/challenges-of-adopting-api-in-payments/
