BBVA API Market
One of the challenges of BBVA’s APIs open platform is “to make life easier both for the developer and the business manager”. And this is achieved through integrating financial APIs into solutions of different business sectors, stresses Martín Eizaga, Open Platform product owner at BBVA Spain.
Security is one of the premises of the BBVA Open APIs team. Eizaga emphasizes the process followed in integrating the BBVA Cards API: “End users will always have to enter their online banking credentials to give the developer access”. Besides, BBVA remains the one that manages and stores those credentials.
There is a second security factor that implies that an SMS is sent to the end customer’s cell phone to authorize this operation. This authorization is not indefinite, but has a validity period and specific permissions are assigned.
You no longer need to go to a bank branch to open a bank account. APIs allow you to complete this and any other banking operations without leaving your company's own platform, with a fully integrated experience.
Bank accounts are one of the most popular products taken out by Spanish citizens. Open banking is helping to further generalize this product among the population by offering digital accounts on third-party platforms. An incredibly attractive option with a number of advantages over traditional checking accounts.
Carlos López-Moctezuma analyzes the present and future of open banking in a roundtable dedicated to this matter, where essential questions such as user growth curve, the role played by fintech and the profound evolution that banks such as BBVA and others have experienced in the past few years.