We checked how this technology is applied and what the future holds for it.
Every serious progress requires changes. While institutional and retail Forex brokerages, startups, Fintech companies and a number of other financial entities know that fact very well, the traditional banks have maintained a very conservative attitude towards changes in recent years.
Banks at this point have access to the largest amount of financial data, but on the other hand they play the role of the most tightly closed institutions in the whole industry. Access to customersβ banking data is highly desirable for a number of organizations and software developers. And in most cases by the customer himself. This explains, in a simple way, why the fintech startups that lead cooperation with banks and which allow this type of access to customer information are evolving so rapidly.
This year should be a turning point in which the entire financial industry will undergo significant changes. All thanks to the expansion of data access outside the closed sector. This will be possible due to the banking API.
What is banking API?
In the simplest terms, banking API is a tool that allows access to the financial data of the user, with his consent. The whole process can be viewed as the 'Login with Facebook', but with respect to the reality and complexity of financial services.
Of course, the system in the case of banking API is different, due to the more advanced financial security measures. Nowadays, however, we do not need to go through the registration process on a particular website β the browser can pull the data from previous sessions. Once the client authenticates, an application gets read-only access to registration, account and transactional data.
While the topic seems to be very exiting for the average user, the market is still underdeveloped and premature due to the small number of companies operating in this new industry and the lack of an adequate legal framework. Having said that, banking APIs is available in many major financial centers and in larger countries.
Who can use banking API, and where?
The technology of data aggregation can help retail and institutional brokers, social lenders and fintech companies in a number of different ways. Firstly, it is just another way to optimize the registration of a trader and reduce the stress on the compliance department. Regulated forex brokers are required to complete KYC, and often dry brokers operate without branches, resulting in a time and energy consuming on-boarding process. A potential trader has to make a copy of his ID and utility bills, which can often be a show stopper. With banking API, a broker can identify a trader simply by requesting that he authenticate using an internet banking login.
After the traderβs authorization, the brokerage receives access to his account and transaction data which can be extremely important in the further lead assignation process. Information from other brokerages allows the evaluation of the experience and profitability of potential customers.
Want to learn more about the usage of banking API, its legal status and implementation in order to improve the functioning of financial services? A detailed article on this topic can be found inside our Industry Report for the first quarter of 2016.
Every serious progress requires changes. While institutional and retail Forex brokerages, startups, Fintech companies and a number of other financial entities know that fact very well, the traditional banks have maintained a very conservative attitude towards changes in recent years.
Banks at this point have access to the largest amount of financial data, but on the other hand they play the role of the most tightly closed institutions in the whole industry. Access to customersβ banking data is highly desirable for a number of organizations and software developers. And in most cases by the customer himself. This explains, in a simple way, why the fintech startups that lead cooperation with banks and which allow this type of access to customer information are evolving so rapidly.
This year should be a turning point in which the entire financial industry will undergo significant changes. All thanks to the expansion of data access outside the closed sector. This will be possible due to the banking API.
What is banking API?
In the simplest terms, banking API is a tool that allows access to the financial data of the user, with his consent. The whole process can be viewed as the 'Login with Facebook', but with respect to the reality and complexity of financial services.
Of course, the system in the case of banking API is different, due to the more advanced financial security measures. Nowadays, however, we do not need to go through the registration process on a particular website β the browser can pull the data from previous sessions. Once the client authenticates, an application gets read-only access to registration, account and transactional data.
While the topic seems to be very exiting for the average user, the market is still underdeveloped and premature due to the small number of companies operating in this new industry and the lack of an adequate legal framework. Having said that, banking APIs is available in many major financial centers and in larger countries.
Who can use banking API, and where?
The technology of data aggregation can help retail and institutional brokers, social lenders and fintech companies in a number of different ways. Firstly, it is just another way to optimize the registration of a trader and reduce the stress on the compliance department. Regulated forex brokers are required to complete KYC, and often dry brokers operate without branches, resulting in a time and energy consuming on-boarding process. A potential trader has to make a copy of his ID and utility bills, which can often be a show stopper. With banking API, a broker can identify a trader simply by requesting that he authenticate using an internet banking login.
After the traderβs authorization, the brokerage receives access to his account and transaction data which can be extremely important in the further lead assignation process. Information from other brokerages allows the evaluation of the experience and profitability of potential customers.
Want to learn more about the usage of banking API, its legal status and implementation in order to improve the functioning of financial services? A detailed article on this topic can be found inside our Industry Report for the first quarter of 2016.
Konstantin has been working in the retail FX industry for over 3 years. In 2014 he was occupying a position of the CMO Deputy in one of the leading Forex brokers. Even though Konstantin is a marketing expert, his passion has always been in the technology and projects. This is why later in 2015 Konstantin has switched the industry and starting working as a Head of Marketing at Kontomatik, a leading banking API provider. Konstantin will be covering the updates of banking API for Finance Magnates from the angle of technology, legislation and emerging markets expansion.
Insurtech, Crypto, and Blockchain: The Fintech Trifecta of Q1 2024
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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