Still in its ICO main sale, the Forty Seven Bank project has unveiled the first version of its Application Programming Interface (API).
Located in Estonia, and partnered with Revain and PayBis, Forty Seven Bank is aiming to be a service development platform for the FinTech sector, or Banking as a Service (BaaS) according to the industry jargon.
RoadMap Remains on Schedule
The new API will now allow any developer to enter Forty Seven’s App Store and start developing his or her own banking applications right away. To facilitate this, the company has released 3 websites:
Forty Seven | Developers — informational web-resource where users can find all the necessary documentation, links to various tools and SDKs as well as a list of applications that could be launched on Forty Seven App Store straight out of the box.
Forty Seven | API — a “get started” page, a place where users can receive an API key (it’s required to communicate with Forty Seven API), check FAQs and software development kits (SDKs).
Forty Seven | API Explorer — a sandbox page with all the available API methods. Users can check and test all the possibilities of Forty Seven API, revise method responses and ensure everything works correctly and as intended.
The Forty Seven API is classed as Revised Payment Service Directive (PSD2)-ready and UK legislation-compliant.
Based on and compatible with the OpenBankProject, it ensures that the API will be frequently updated, both by their own team and external developers.
The API is step one of the Forty Seven Bank roadmap which aims to integrate with the SWIFT banking system by Q3 of the current calendar year, with the project team hoping to obtain a full banking licence by the end of 2019.