A strong foundation for DORA compliance in financial services
This document outlines ten critical use cases for API marketplaces within the financial services industry, specifically addressing
Ensure safe and conformant data sharing while gaining insights and unlocking new revenue streams. With apinitys white-label API marketplace tailored to FiDA regulations, it is easy driving efficiency and innovation.
Challenge
In October 2023, the European Commission introduced the first draft of the Financial Data Access (FiDA) regulation, set to take effect in early 2025. Under this regulation, data owners and users will be required to join at least one financial data scheme within 24 months. As a result, future FiDA schemes must deliver a secure, compliant platform capable of managing data flows and creating opportunities for monetization.
Opportunity
FiDA’s core objective is to improve data accessibility and interoperability within the financial sector, driving innovation and collaboration. By enabling financial institutions to securely share data with authorized third parties in a standardized manner, FiDA schemes can transform the industry, fostering new business models and services.
Our SaaS solution
With apinity’s white-label API Marketplace, FiDA schemes can provide a secure, compliant environment where data owners and users can easily access and exchange financial data. This platform not only ensures safe data sharing but also empowers all participants to monitor API traffic, gain valuable insights through analytics, and monetize data flows in line with FiDA’s guidelines—unlocking new revenue streams and enhancing operational efficiency.
Key benefits
API productization
Standardizing API access:
Making it easier for TPPs to discover and access financial data APIs securely.
Enabling innovation at scale:
Financial institutions can easily plug into broader ecosystems and collaborate with fintech startups or other institutions.
User authentication and authorization
Access controls for sensitive data:
Ensure only authorized users can access or modify certain data types, enforcing security policies across the marketplace.
Auth 2.0, OpenID Connect:
Secure user authentication and authorization mechanisms to manage who has access to the API marketplace.
Role-Based Access Control (RBAC):
Assign users different roles with specific permissions (e.g., admin, developer, consumer) to control their access to APIs and marketplace resources.
Single Sign-On (SSO):
Allows users to access the API marketplace using a single set of credentials across multiple platforms, improving security and convenience.
API Key Management
API key generation:
Allow users to easily generate and manage API keys for secure access to APIs.
Key revocation and renewal:
Provide mechanisms to revoke or refresh API keys when needed (e.g., for security breaches or key expiration).
Data management:
Standardized data formats: Support common data formats (e.g., JSON, XML) and industry standards (e.g., REST, SOAP, GraphQL) to ensure compatibility across systems.
API monetization
Tiered subscription models:
Offer different levels of API access (e.g., free, premium) with various usage limits, pricing models, and features.
Quota and rate limiting:
Implement usage limits on API calls per user or subscription to prevent overuse and ensure fair distribution of resources.
Billing and analytics
Integrated billing system:
Track API usage and provide billing services, allowing users to subscribe to paid plans and view payment details.
Usage-based billing:
Offer flexible pricing models based on API usage metrics (e.g., per call, bandwidth, or transaction volume).
Our application is designed to enable companies to start a compliant API marketplace without any development efforts, simplifying integrations, driving adoption, and ensuring the governance of APIs – all matching the latest FIDA requirements.
Our application is designed to enable companies to start a compliant API marketplace without any development efforts, simplifying integrations, driving adoption, and ensuring the governance of APIs – all matching the latest FIDA requirements.
Our application is designed to enable companies to start a compliant API marketplace without any development efforts, simplifying integrations, driving adoption, and ensuring the governance of APIs – all matching the latest FIDA requirements.
If you still have questions or you are unsure about choosing us over similiar products, you can send us an email or scedule a free call to find out more.
What is the purpose of the Financial Data Access (FiDA) regulation?
FiDA aims to improve data accessibility and interoperability within the financial sector. It enables secure sharing of financial data between institutions and authorized third parties, fostering innovation and creating new business opportunities.
Why do FiDA schemes need an API marketplace platform?
FiDA schemes require a secure, compliant platform for managing data flows and monetizing APIs. An API marketplace facilitates standardized data sharing, API management, and integration, which are essential for compliance and maximizing FiDA’s benefits.
What role does API productization play in the FiDA framework?
API productization allows financial institutions to make their APIs discoverable and accessible, standardizing interactions and creating opportunities for monetization. It’s key to enabling scalable, efficient innovation within the FiDA framework.
--> Read more about API productization in our latest article.
What types of data formats and standards does apinity’s platform support?
apinity supports various standardized data formats mainly JSON and XML. Large files and complete binary files are also supported, there is no size limit. Transfer of files up to a 2 GBs (e.g. videos) are performing well based on our experience with real uses-cases.
To ensure broad compatibility and seamless integration across systems we support REST and SOAP protocols. Further protocols are on the roadmap for 2025, especially async protocols (Kafka, WebSocket).
How can APIs be monetized within apinity’s platform?
The platform offers tiered subscription models, usage-based billing, and quota management, allowing institutions to create flexible, revenue-generating models based on API usage.
Can financial institutions track and analyze API usage in real-time?
Yes, apinity’s integrated analytics feature provides real-time data insights, enabling institutions to monitor API traffic, evaluate performance, and make data-driven decisions.
What is the purpose of the Financial Data Access (FiDA) regulation?
FiDA aims to improve data accessibility and interoperability within the financial sector. It enables secure sharing of financial data between institutions and authorized third parties, fostering innovation and creating new business opportunities.
Why do FiDA schemes need an API marketplace platform?
FiDA schemes require a secure, compliant platform for managing data flows and monetizing APIs. An API marketplace facilitates standardized data sharing, API management, and integration, which are essential for compliance and maximizing FiDA’s benefits.
What role does API productization play in the FiDA framework?
API productization allows financial institutions to make their APIs discoverable and accessible, standardizing interactions and creating opportunities for monetization. It’s key to enabling scalable, efficient innovation within the FiDA framework.
--> Read more about API productization in our latest article.
What types of data formats and standards does apinity’s platform support?
apinity supports various standardized data formats mainly JSON and XML. Large files and complete binary files are also supported, there is no size limit. Transfer of files up to a 2 GBs (e.g. videos) are performing well based on our experience with real uses-cases.
To ensure broad compatibility and seamless integration across systems we support REST and SOAP protocols. Further protocols are on the roadmap for 2025, especially async protocols (Kafka, WebSocket).
How can APIs be monetized within apinity’s platform?
he platform offers tiered subscription models, usage-based billing, and quota management, allowing institutions to create flexible, revenue-generating models based on API usage.
Can financial institutions track and analyze API usage in real-time?
Yes, apinity’s integrated analytics feature provides real-time data insights, enabling institutions to monitor API traffic, evaluate performance, and make data-driven decisions.
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