Issue link: https://recursos.axway.com/i/1321495
45 Open Banking APIs State of the Market Report 2020 OTHER COMMON STANDARDS BEING USED IN API DESIGN Encouragingly, banks are also adopting industry standards to describe key aspects of their API data models. This makes it easier for developers to integrate a bank's APIs as they know all the bank APIs they use are organizing data elements in the same way. Standards help fintech and other open banking API consumers to scale their products quickly by allowing them to use common data approaches. The majority of open banking APIs are standardizing on country codes, currency codes and date formats. This makes it easier for fintech to build out their applications to work with any bank's APIs as they do not need to add code that parse data into a standardized format before being able to use it in operational workflows. SUMMARY GLOBAL OPEN BANKING PLATFORMS USE OF ISO STANDARDS IN API DESIGN, Q3 2020 (N=432) ISO 3166 2-letter country code ISO 4217 currency code ISO 8601 YYYMMDD date format ISO 20022 payment frequency formats Number of platforms 157 126 197 208