Monitoring Open Banking APIs in 2020

2020 marked a milestone for open banking in the UK with over one million users adopting products and services powered by open banking. With services now in mainstream consumer use, how are the bank’s APIs that underpin the ecosystem actually performing?

Yapily provides gateway connectivity between bank’s APIs and third party providers (TPPs) who build services that need access to financial data and to issue payments on behalf of their customers. With direct Open Banking API connectivity, Yapily is able to monitor each bank in real-time, allowing TPPs to know when a particular endpoint is down, slow, or even if the entire bank is experiencing any issues.

284% improvement for transaction response times

Many TPPs use Yapily for obtaining transactional data, so here is an overview of the last 6 months from some of the biggest UK banks and challengers.

Here are some of the highlights:

  • In the last 3 months (February 2019 to April 2020), we have found that the average response time (month-to-month) for retrieving transactions for the CMA9 has reduced by 29%.

  • In certain cases, we have seen improvements in response times for transactions improve by as much as 284% when compared to sixth months ago.

  • We have seen that some challenger banks have significantly faster response times in comparison to the traditional banks when retrieving transactions. Monzo, Revolut and Starling all have average monthly response times that consistently fall under 340ms in the last 6 months.

The 1 second club

Here are some institutions that had an average response time of less than 1 second for retrieving transactions last month.

April average response time - transactions

As we approach June, it will be interesting to see if the trend of decreasing average response times for the larger banks continues into the second half of the year. It will also be useful to identify how increased volumes as Open Banking adoption continues, may affect the response times and whether the likes of Monzo, Revolut and Starling can maintain such response times under these new conditions.

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