RBC first Canadian bank to open API developer portal
Royal Bank of Canada (RBC) is claiming bragging rights as the first Canadian bank to launch an API developer portal.
The portal will allow eligible, external software developers, “industry innovators” and clients to access select RBC APIs.
Sumit Oberai, senior vice-president, digital technology, RBC, says the bank has the “opportunity to increase connectivity, create new tools and experiences for clients, and enable open and innovative collaboration to improve the future of banking”.
RBC is initially offering five API packages in the portal. Each API package delivers the data elements, orchestration and business logic required to deliver the end to end business process:
- Credit card catalogue API – Provides access to credit card rates and fees through a business oriented interface. These values are organised in terms of line of business, product family, and individual products;
- Minimum down payment API – Calculates the minimum down payment required for a given purchase price of a home;
- Branch locator API – Accepts postal code or keyword search term and returns the address and hours of operation of the closest branch, or a list of the closest branches;
- Amortisation schedule API – Calculates the number of payments associated with a mortgage amount, amortisation period, interest details and payment details;
- Safety deposit box inventory API – Provides safety deposit box information at a specified branch.
RBC says additional API packages will be added in the future. No timelines or specifics were offered.