What is API and How it is Enabling Banking?

Neda Ali (Editor)

26th Mar'21

Innovation in Banking through API in the banking industry

Open Banking, with the help of APIs, is considered to be one of the biggest advancements in the banking industry. It has provided businesses and consumers easy access to custom banking services while also ensuring complete safety and enhanced efficiency. Check out this blog to know what banking APIs are and how do they work.

 

API in the banking industry

 

API Banking Services

An API also called an “application programming interface,” maybe a cluster of tools and protocols accustomed build computer code and applications. API or Application Programming Interface permits a third-party application to use a specific interface that will access a typical set of tools or services.

API in the banking industry, suggests that a bank offers third-party access to its customer services through dedicated APIs. In terms of banking, genus APIs permit programming consultants to form applications that facilitate monetary establishments and exchange knowledge with third-party financial technology organizations.

To know more on API Banking Services in Banking Industry, refer to these links:

APIs in the Banking Industry:

 

API technology represents the future of the banking industry. APIs is  becoming more prevalent in banking, as financial institutions implement more modern technology solutions. 

What is API Banking Services and how it works: 

To know what is API banking service and how it works, read here:

APIs in the banking sector: 

The use and development of APIs for banks is a necessity. Their application is the ideal way to ensure growth and make life easier for your customers. To know more, read here:

What Are APIs and How Are They Changing Banking: 

To know what are APIs and how exactly are they changing the payment ecosystem, read the article:

 

APIs in the banking sector

What are the different types of bank APIs?

A few top banks offer a host of banking API banking services spread across categories such as Accounts and Deposits, Payment Gateways, Loans and Cards, Trade Service, and Business Banking. There are innumerable ways in which these APIs can be used by 3rd parties.

For example, a FinTech platform offering retail loans can use API to check the CIBIL score of a customer or check their PAN details. Similarly, a company can integrate its Enterprise Resource Planning (ERP) with API banking for managing their cash and payables directly through their ERP.

 

Banking APIs: quick, Secure and Efficient

The API Banking services and also the access they provide to the core banking knowledge, in a way, helps in eliminating barriers between businesses as all of them have access to an equivalent knowledge as claimed by the global banking industry. Ultimately, this helps within the overall growth of the monetary trade, in connection with the standard of services accessible.

With many alternative program Interface varieties being launched by banks, API banking services are solely expected to induce additional widespread within the future.

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. This was a blog on the decentralized corporation. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below. 

Contributor: Sudeshna Dutta

Sudeshna is an engineer in making. She is a writer at OpenGrowth. Apart from dealing with circuits and chips, she is passionate about being a keyboardist and pianist and wants to attain professionalism in it with her talent coupled with hard work.

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.

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