Digital Rails Newsletter
The latest on open APIs for financial inclusion


Digital Rails is a semi-regular newsletter created to help digital financial services providers, FinTechs and start-ups keep up with the latest news, resources and events related to open APIs for financial inclusion. Please pass this newsletter on to your colleagues and encourage them to subscribe.
Two Key Principles When Opening APIs

Want to start opening your APIs but not sure where to start? CGAP's latest releases on open APIs are intended to help you get off on the right foot.  They discuss two principles that are fundamental to the new open API business approaches of digital financial services providers: 

Start now with a minimum viable offering, be ready to learn, 
and iterate as you go

Opening APIs often requires a "lean mindset." It is not about having a complete API product available on first release. Our API maturity model primer explores how to offer APIs with core functionality, engage developers to learn how they are using them, and build out a more robust API offering from there. 

Engage with developers early and often

To start engaging with developers, you need a minimum set of documentation. In keeping with the API maturity model, you can start small and create more resources as you go. Our blog post walks you through documentation best practices at various stages of the API journey. 

These principles are playing out right now in China, where global tech player WeChat recently released its open beta APIs for payments. WeChat started with a minimum set of payment currencies and API documentation, and it will build out as it continues to engage with developers.
OTHER UPDATES FROM THE TEAM

CGAP API Dashboard Adds More Data

The CGAP Open API Dashboard lists over 80 APIs from 30 digital financial services providers and others working in East Asia, South Asia, Africa and Latin America. In the last month, we have added more data and listed some examples of apps built with digital finance APIs. Please test the dashboard, share with your networks and send us feedback.
NEWS FROM THE FIELD
WHITE & CASE
Mexican FinTech Law Becomes Effective

Mexico has introduced a FinTech law that requires crowdfunding and online payment technology providers to register as FinTech providers. The law also requires financial institutions and FinTechs to open APIs to enable customers to share their data with other FinTechs and financial institutions.
APIGEE
An RFP Template for API Management

API management provider Apigee has released a request for proposal template for any business considering an API management solution. This resource illustrates what sort of features or questions to ask when assessing an API management provider.
FINEXTRA
Open Banking Nigeria Partners Open Vector on API Standards

Consultancy firm Open Vector has been chosen to work with the Open Banking Nigeria alliance to create a common open banking API standard. This team was involved in developing the open API standards now used in the United Kingdom.
MONZO BANK
Automate Your Financial Life with Monzo and IFTTT

To get a sense of the creativity that open APIs can offer digital financial services providers, have a look at the way UK challenger bank Monzo used its API to create a new "applet" (simple integration) on automation site IFTTT. Customers without programming skills can create a simple automated savings account or trigger other events, such as expense reporting and loan repayments, thanks to the IFTTT platform.

CGAP (the Consultative Group to Assist the Poor) is a global partnership of over 30 leading organizations that seek to advance financiala inclusion. CGAP develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders to enable approaches at scale. Housed at the World Bank, CGAP combines a pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives.