Digital engagement across nearly every aspect of life from banking and shopping to wealth management and insurance is creating an urgent need for transformations within organizations that support this growing revolution. APIs are one of the most important technologies available to these organizations today as they look to modify and replace legacy processes in the wake of all these changes. For this reason, one of the largest, most innovative providers of payments services to financial institutions and their customers wanted to introduce the power of APIs to their IT environment.
The first step the organization took towards this goal was to select an API management platform on which to build their vision. From there it was necessary for them to determine how they would formalize the governance framework and operating model required to deliver on the key business benefits of the API-based approach they wanted to implement; e.g., agility, ease of integration and improved SLAs. The key challenges were in understanding stakeholder roles and responsibilities, interactions between business and technology and the definition of the operating and governance processes required to move API development and operation into BAU.