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Driving innovation in payments—powered by APIs and open banking

Why and how banks and payments providers should move to API-based digital payments


Payments APIs pack benefits too compelling to ignore.

Powerful application program interfaces (APIs) are the latest disruptive force in the payments industry. This time, it is about evolving the business model, reaching beyond traditional borders of the IT department to create broader, unique business partnerships.

Banks and payment providers are waking up to the fact that going to market with an API-enabled approach gives them a chance to gain market advantages—from easy ways to monetize existing services to staying competitive with fierce newcomers to complying with new, open-friendly payments regulations. Still, many banks and payment providers are hesitant to fully embrace APIs. They often consider API programs purely technical endeavors that fall short in achieving real business impact.

Driving innovation in payments—Powered by APIs & open banking


Act now and use APIs—A "Cambrian Explosion" of opportunity

The success stories of tomorrow will be built using APIs to allow financial services to extend beyond the banking environment, to where mobile customers are, unlocking new value and providing innovative customer experiences. Watch the video to learn more.

Key Findings/Analysis

Based on Accenture’s experience helping financial institutions develop and implement their API approach, three factors make APIs work for digital payments:


Business model evolution, powered by IT, where an effective API program is treated as a joint venture between business and technology.


A robust API management platform that enables payment providers to work at scale outside of their own enterprise.


A Representational State Transfer (RESTful) IT architecture that provides for scale, high performance, simplicity and two-speed IT.

Banks and payment providers serious about moving ahead with API enablement will start to think of APIs as collaborative products that create value from the outside in. They will also identify and understand the key use cases to drive quick wins, and mobilize with the right technology solution and internal teams. Doing so is one way to drive innovation in payments and protect their positions at the front of digital commerce.

"Banks in the United Kingdom… could lose up to 43 percent of their current payments-based revenues by 2020."

Swee-May Ngeow

Swee-May Ngeow

Managing Director
Accenture Payments, Digital & Emerging

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Robert Flynn

Robert Flynn

Managing Director
North America Lead, Accenture Payments

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Kevin Kohut

Kevin Kohut

Global API Strategy & Consulting Lead
Accenture Digital, Mobility Strategy

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Amit Mallick

Amit Mallick

Open API Lead, UK&I
Accenture Digital

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