API Economy

API Economy

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API Types

Our knowledge base on how different sectors use APIs

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Dive into detailed data on how we support major sectors in the API economy

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Deep dive into our technologies and features.

API BASICS

New to the API economy, our entry level articles cover key definitions and what are APIs?

Banking APIs

When it comes to dealing with websites or apps for banks, understanding how their APIs work is crucial. Banking APIs and open banking APIs are what make these apps run well, be able to communicate with each other and become secure. They are the building blocks of any online transaction with the bank. Let’s take a look at some common bank API issues.

Bank APIWhat Is An API For Banking?

The core problem with any banking site or app is that customers need to get information, and so does the bank. But they only need a limited amount of information. The bank doesn’t want too much data to go to the customer. Neither does the customer want to overshare with the bank.

A bank API solves this problem. It takes information from either the bank or the customer, transmits the data to the other party, and doesn’t access any other data on either end. It doesn’t puncture either side’s security protocols.

This provides a perfect system for everyone involved and allows the business of the bank to operate without risk of intrusions.

What Does Open Banking Mean?

Open banking is a system that uses APIs to allow customers and potential customers to access the data of financial institutions. It means that larger banks are made to be competitive with smaller banks. Open banking standards regulate how financial data should be shared and accessed.

More importantly, open banking requires banks have a system in place to notice unforeseen overdrafts and provide customers with a period of time to correct them without facing additional charges or fees.

In addition, open banking allows customers to see what impact a new debt would have on their lives. It also allows banks to view a customer’s entire credit and income history so they can tailor debts to their needs.

Across the world, financial services regulators are waking up to the issues of Open Banking and providing significant monitoring and compliance requirements on banks, Third Party Payment processors (TPPs) and Account Information Service Providers (AISPs). These are regations like those created for PSD2.

What Is API In Trading?

APIs are essential when it comes to trading nearly anything online. Whether cash, stocks, bonds or whatever banking APIs are what get the job done. They provide live streaming prices, trade execution, advanced order types and various related tasks on both sites and apps.

They operate in the background so you can’t see them but whenever you research or execute a trade they are there making it happen.

If you are developing a trading site or a site to advise traders you can find open APIs that you can insert into you code to make it happen smoothly and without any lag on the end for your customer.

Photo courtesy of Jim Kelly
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Bank API

When it comes to dealing with websites or apps for banks, understanding how their APIs work is crucial. Banking APIs and open banking APIs are what make these apps run well, be able to communicate with each other and become secure. They are the building blocks of any online transaction with the bank. Let’s take a look at some common bank API issues.

What Is An API For Banking?

The core problem with any banking site or app is that customers need to get information, and so does the bank. But they only need a limited amount of information. The bank doesn’t want too much data to go to the customer. Neither does the customer want to overshare with the bank.

A bank API solves this problem. It takes information from either the bank or the customer, transmits the data to the other party, and doesn’t access any other data on either end. It doesn’t puncture either side’s security protocols.

This provides a perfect system for everyone involved and allows the business of the bank to operate without risk of intrusions.

What Does Open Banking Mean?

Open banking is a system that uses APIs to allow customers and potential customers to access the data of financial institutions. It means that larger banks are made to be competitive with smaller banks. Open banking standards regulate how financial data should be shared and accessed.

More importantly, open banking requires banks have a system in place to notice unforeseen overdrafts and provide customers with a period of time to correct them without facing additional charges or fees.

In addition, open banking allows customers to see what impact a new debt would have on their lives. It also allows banks to view a customer’s entire credit and income history so they can tailor debts to their needs.

Across the world, financial services regulators are waking up to the issues of Open Banking and providing significant monitoring and compliance requirements on banks, Third Party Payment processors (TPPs) and Account Information Service Providers (AISPs). These are regations like those created for PSD2.

What Is API In Trading?

APIs are essential when it comes to trading nearly anything online. Whether cash, stocks, bonds or whatever banking APIs are what get the job done. They provide live streaming prices, trade execution, advanced order types and various related tasks on both sites and apps.

They operate in the background so you can’t see them but whenever you research or execute a trade they are there making it happen.

If you are developing a trading site or a site to advise traders you can find open APIs that you can insert into you code to make it happen smoothly and without any lag on the end for your customer.

Photo courtesy of Jim Kelly