Why APIs remain a big thing in Fintech?

The buzz with Artificial Intelligence in fintech is legit and the fact that everybody is talking about the use cases in many operations is fully justified. It may be pre-mature but still it is the right thing to do. However, I wish there was the same buzz with APIs and how they really add value to our industry.

APIs – Application Programming Interfaces – have been around for many years. The term was initially introduced 1940s but took some shape in 1970s and became a toll early 2000s as REST APIs, then heavily used from large corporations like Salesforce, eBay and Amazon as commercial APIs. Mid 2000s the social media APIs were introduced and the buzz started but as far as I am concerned, the game changer was the introduction from Amazon of the cloud APIs around 2007, where a whole eco-system was built around them. Mobile and IoT followed and now we have moved to a completely new concept, the API Integration platforms and this is what is really interesting for fintech.

An API integration platform bridges the gap between the disparate systems, allowing them to 'talk' to each other, sharing data and functionalities. This creates a more unified and efficient business operation. Imagine an EMI or MFI which are actually an eco-system of different functionalities, provided by different vendors each one specialist in its are like KYC/KYB, PSD2, Transaction monitoring or other tools like CRM or even reporting tools. All of them shall “connect” into one system and exchange information in a way that the regulatory standards are absolutely met.

Actually this is what we, at FUND4ALL, are building now, for our EMI client in UK.

Same goes for the non-financial institutions which want to see financial services to their customers, they can do it by using APIs made in-house but even better using an API platform which will help them scale easier, manage the complexities and all these in a fully regulated manner.

For more information I would strongly suggest this article: What is an API Platform? Everything You Need to Know | Postman ?

FUND4ALL is keen to explore this environment. We are already developing it, so why not productize it. ?We believe it will change the structure of the financial services in the next years and we are willing to give it a hard shot.

Who knows…In fintech, everyone’s invited. ?

Visit https://fund4all.gr/ or contact us at [email protected] and let us discuss.