API technology has become an integral part of Fintech, together offering future-proof solutions for the entire finance industry
Since the year 2000, when web APIs first appeared with the introduction of Salesforce, the technology has been waiting for its perfect match. It roamed the internet connecting with innovative technology and intelligent verticals. Then, one day, it met Fintech, and its world hasn't been the same ever since. APIs forever changed the way Payments happen. API technology has become part of the digital revolution and could go hand in hand forever with its beloved Fintech and transfer funds, provide the details of monthly spends, or discover the best premium for vehicle insurance. API tech is so happy to have found the perfect match. Fintech and APIs – a match made in heaven!
If Fintech and APIs were real people, this story could have been a Hollywood romance flick running for weeks in cinemas near you. But if one looks beyond the pretty packaging of the UI/UX, at the back-end level, this exact story plays out everytime a new API is designed and developed for a Fintech product.
Haven’t you analyzed your financial portfolio through a third-party app at least once? Aren’t you looking for best deals to grab for a weekend movie? When you're out having dinner at a restaurant with friends, don’t you use an app to split your bill?
If you answered 'yes' to even one of the questions above, you are part of the Fintech-API family.
And since you're already part of the family, wouldn't you like to know some facts about APIs and Fintech? Let’s get started:
Fact # 1 – API-Driven Innovation Helps Fintech in Offering a Cost-Effective Model
APIs are assisting banks in integrating banking data with investment and bookkeeping software to provide quick internal access to a wide variety of account information. APIs can be imagined as a box of code that can perform a certain action and provide results to an interface, provided it has a predefined set of inputs. Now imagine a marketplace with hundreds of boxes floating around. While one box can help you discover the best deals, another can help you sign up for an insurance policy. As a user, you don't have to open and use all the available boxes. Just choose the ones you like and disregard the others.
When PSD2 came into force in January 2018, it added openness to APIs, empowering the customer to receive more enriched, data-driven, and controlled results. Traditionally, banks would be hesitant to share any data with any third-party fintech firms. With PSD2 the data sharing power went to the customer, thereby pushing Fintech firms to come up with more innovative solutions and offers.
Fact #3 – APIs Help in Offering BaaS and BaaP
According to a report by goMedici, there has been an explosion in the number of new FinTech/FinServ APIs added since 2017, as compared to 2014-2017.
This remarkable rise is indisputable proof of the growing demand and need of banking as a service. Not only do APIs help with customer engagement and increasing digital revenue, but they also offer banks with future-proof technologies ensuring agility and speed.
Through transforming banking into a platform business model fintech can expose banks to existing and new functionalities to participate in the market, embed their position within the value chain to build upon the traditional customer-bank relationship, and maintain their share in the market.
Vishal Gupta is the CEO of Teknospire
Since the year 2000, when web APIs first appeared with the introduction of Salesforce, the technology has been waiting for its perfect match. It roamed the internet connecting with innovative technology and intelligent verticals. Then, one day, it met Fintech, and its world hasn't been the same ever since. APIs forever changed the way Payments happen. API technology has become part of the digital revolution and could go hand in hand forever with its beloved Fintech and transfer funds, provide the details of monthly spends, or discover the best premium for vehicle insurance. API tech is so happy to have found the perfect match. Fintech and APIs – a match made in heaven!
If Fintech and APIs were real people, this story could have been a Hollywood romance flick running for weeks in cinemas near you. But if one looks beyond the pretty packaging of the UI/UX, at the back-end level, this exact story plays out everytime a new API is designed and developed for a Fintech product.
Haven’t you analyzed your financial portfolio through a third-party app at least once? Aren’t you looking for best deals to grab for a weekend movie? When you're out having dinner at a restaurant with friends, don’t you use an app to split your bill?
If you answered 'yes' to even one of the questions above, you are part of the Fintech-API family.
And since you're already part of the family, wouldn't you like to know some facts about APIs and Fintech? Let’s get started:
Fact # 1 – API-Driven Innovation Helps Fintech in Offering a Cost-Effective Model
APIs are assisting banks in integrating banking data with investment and bookkeeping software to provide quick internal access to a wide variety of account information. APIs can be imagined as a box of code that can perform a certain action and provide results to an interface, provided it has a predefined set of inputs. Now imagine a marketplace with hundreds of boxes floating around. While one box can help you discover the best deals, another can help you sign up for an insurance policy. As a user, you don't have to open and use all the available boxes. Just choose the ones you like and disregard the others.
When PSD2 came into force in January 2018, it added openness to APIs, empowering the customer to receive more enriched, data-driven, and controlled results. Traditionally, banks would be hesitant to share any data with any third-party fintech firms. With PSD2 the data sharing power went to the customer, thereby pushing Fintech firms to come up with more innovative solutions and offers.
Fact #3 – APIs Help in Offering BaaS and BaaP
According to a report by goMedici, there has been an explosion in the number of new FinTech/FinServ APIs added since 2017, as compared to 2014-2017.
This remarkable rise is indisputable proof of the growing demand and need of banking as a service. Not only do APIs help with customer engagement and increasing digital revenue, but they also offer banks with future-proof technologies ensuring agility and speed.
Through transforming banking into a platform business model fintech can expose banks to existing and new functionalities to participate in the market, embed their position within the value chain to build upon the traditional customer-bank relationship, and maintain their share in the market.
Mastercard Teams Up with Fintech Startups to Accelerate Digital Payment Solutions
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 🔗 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 🔗 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
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s 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 🔗 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
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s 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 🔗 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
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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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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