We at LTP have closely watched and observed the FinTech section. We have covered many developments in the FinTech space, and one of them is APIs. We have covered companies providing APIs services and it is now time to look at APIs from a different angle. Therefore, in this article, we have segregated APIs provided by different companies on the basis of their application in different segments.
As we all know, APIs are the infrastructure that developers use to build applications to access content and other services. As FinTech startups continue to disrupt traditional financial services, banks are also waking up to the fact that offering an open API—where developers can latch on and create very specific customized app solutions—is the way to engage and retain their customers in the future.
Banks and other financial institutions are sharing codes through application programming interfaces of software gateways that allow applications to work together. APIs are a bank’s tool for survival and relevance in a smartphone-first world. So making it open to outsiders is pretty much like inviting the competition to come in and read the insider’s note. However, industry watchers say that offering an open API is not a deterrent. Instead, it lets fresh-off-the-boat tech companies and ever competitive developers innovate much faster on the built platform, as opposed to keeping their app development limited to compliance-inhibited, resource-strapped IT organizations.
Considering the amount of APIs present in the market today, it is very important to recognize what we are exactly looking for. The important factors to consider while choosing an API include functionalities, services and pricing. The API allows developers to integrate the functionality into existing apps and platforms. Developers look for certain functionalities while choosing an API. These APIs also target some selected markets based on the functionalities they provide.
Here is an infographic with 63 APIs analyzed by segments:
Read the full article at Let's Talk Payments