Issue link: https://recursos.axway.com/i/1321495
43 Open Banking APIs State of the Market Report 2020 EMERGING STANDARDS API SPECIFICATIONS The OpenAPI Specification (OAS) is becoming widely used by banks to make their APIs consumable to developer audiences. OAS is a way to describe an API in a standardized way that developers can understand. It is written in a machine-readable format so that it can be included in software development tools when fintech are building applications using a bank's open APIs. GLOBAL OPEN BANKING USE OF OPENAPI SPECIFICATION Q3 2020 (N=432) UK Eastern Europe & Russia Latin America US & Canada Asia Pacific Europe & Scandinavia Middle East & Africa 122 2 4 4 5 20 30 Globally, the OpenAPI Specification is gaining traction. Intermediary bodies that manage APIs on behalf of banks in Europe, such as LUXHUB in Luxembourg, work with their banking members to make sure that all banks include an OpenAPI Specification file. Some banks also seem to make use of autogenerated documentation tools that can be created with an OpenAPI Specification as a way to publish their API without investing in additional developer resources. SUMMARY