Weekly Global News Wrap Up: Why API strategy could define banking's future; Slowdown in financial globalisation could be cyclical

And EU warns Trump not to deviate from international banking rules.

From the Australian Financial Review: "There may be nothing more crucial to the future of banking as the application programming interface, or API." So declares consulting firm Capgemini in its World Retail Banking Report 2017, published on Wednesday. Analysing the development of APIs across the global banking industry, the report suggests Australian banks are behind the eight ball on developing API technology, which allows computer systems to connect to facilitate collaboration. 

From Bloomberg: BIS, the Basel-based central bankers' bank, isn't ready to call an end to financial globalization. Data on cross-border banking suggest that a pullback started during the global financial crisis in 2007-2009 and has set in since: cross-border claims reported by banks in more than 40 jurisdictions declined from a peak of 60 percent of global GDP in 2007 to less than 40 percent since 2013.

From Reuters: The vice president of the European Commission warned the Trump administration on Tuesday against deviating from international banking rules in its review of U.S. financial regulations. The U.S. Treasury last week unveiled plans to upend the country's financial regulatory framework in a 150-page report that suggested more than 100 changes, some of which could affect rules previously agreed with international partners.