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Trustly develops Open Source “BankAPI” as alternative for SWIFT

SWEDEN |  Trustly, a Swedish Fintech company, announces their Open Source “BankAPI” project. Trustly, known for supporting online bank payments for ecommerce and person-to-person payments in 7 European countries, has now developed a secure, internet-based and decentralised financial messaging between financial institutions. Traditionally financial institutions communicate messages between each other via the SWIFT network.

Trustly BankAPI Project

Trustly's BankAPI is developed as an alternative to the current centralised SWIFT system. It is a secure decentralised peer-to-peer (i.e. bank-to-bank) technology for financial institutions to exchange messages over the internet. Typical examples of message types include international payment instructions and bank account statements.

The project is open-source and completely free of charge. The source code is licensed under the MIT License, which means anyone is free to further develop using the source code. New developers around the world outside of Trustly have already contributed to the project.

BankAPI Security

“BankAPI” takes advantage of the most widely accepted, mature and, secure open protocols and cryptography standards. It has two layers of security, where the first is SSL (HTTPS), used already by all banks for online banking, and the second layer ensures authenticity and integrity using OpenPGP encryption and signing of exchanged messages. OpenPGP is the de facto standard for sending messages securely and the protocol defines standard formats for encrypted messages, signatures, and certificates for exchanging public keys.

BankAPI Trending on GitHub

When the code was made public late last week it quickly became one of the hottest topics among developers discussed on Y Combinator’s forum Hacker News. Trustly was during Friday the 5th of September the number one trending developer name on GitHub, the largest global community and open source collaboration platform. The “BankAPI” repository was also trending as number one on GitHub globally.

At the same time as the code release was trending, Trustly was attending SthlmTechFest, a massive meet up for tech, startups and media companies. “We got a lot of attention and questions during the event at our fair booth. “ says Stefan Backlund, Head of Marketing & Communication at Trustly.

Anyone can use the BankAPI code

“It’s amazing to feel the creative force that comes out of our Tech team. This is not a commercial product, but something that was developed to really make a difference. This takes messaging between financial institutions to the internet and into the future. The code is out there and is open for anyone to use and to further develop. BankAPI is an important building block of our vision, just like internet is important for us.” says Stefan Backlund. The BankAPI source code is made available at https://github.com/trustly/bankapi

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About Trustly Group

Trustly is a Swedish based Fintech company that develops secure, simple and cost efficient online banking e-payments solutions on the Internet and mobile devices. Trustly’s solutions attract global customers across both the e-commerce (C2B) and online marketplaces (P2P) segments. The company was founded in 2008 and currently processes in excess of 7 million payments annually. Trustly was in 2013 ranked as one of Sweden's ten fastest growing technology companies on the Deloitte Sweden Technology Fast 50 list. Trustly has 60 employees and is headquartered in Stockholm, Sweden. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority. For more information and to see which Payment Service Providers supports Trustly see Trustly's Profile on About-Payments or visit their website.

Sourced from Trustly Press Release, September 1oth, 2014

 

 

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