October 27, 2016
Banking APIs constitute the core of innovative approach to building financial products. Enabling access to data for all relevant participants of the market creates an opportunity for each of them to build a superior offering as well as for consumers to make better choices of financial products.
As the Competition and Markets Authority states in the report on retail banking, APIs make life simpler for millions of us every day by enabling us to share information, for example, about our location. They are the hidden technological drivers behind digital applications such as Facebook, Google Maps and Uber.
A variety of banking APIs providers has expanded opportunities for entrepreneurs to build solutions for different segments of the financial services industry:
Payments gateways APIs providers (Braintree, Dwolla, Stripe, Wirecard, Adyen, etc.),
Trading APIs (Xignite, Zerodha, etc.),
Authentication/verification APIs (Yodlee, Trulioo, etc.),
Remittance APIs (Uphold, PayCommerce, etc.),
Data aggregation APIs (Kontomatik, Fidor, Figo, etc.)
Financial data aggregators are some of the most interesting elements of financial APIs ecosystem as they drive valuable insights on customers’ financial behavior and enable a data-driven approach to building financial products. Financial data aggregators also comprise the basis of a responsible approach to personal finance management and are in the foundation of