Banks are embracing the age of APIs seemingly more every day, with new artificial intelligence and machine learning tools promising to offer the data-driven insights that their customers crave.
New research found that a growing percentage of FIs expect APIs to increase revenue in the coming year, as they give third-party developers access to their data. With that, a growing number of FinTechs and developers from around the financial services space are offering new software and solutions designed to give customers a closer look into their financial lives.
In the June B2B API TrackerTM, PYMNTS examines the latest B2B API news from around the world, including new API solutions from FinTechs and FIs alike.
Around the B2B API World
With many around the space betting on the growth and potential of B2B APIs, solution providers and FIs alike are working to unveil new solutions and cut themselves a bigger piece of the booming API economy.
Citi, for one, built on its API offering with the expansion of its Treasury and Trade API suite. The newly updated solution is designed to offer improved access to API documentation, enable sandboxing for testing and validation, shorten onboarding processes and accelerate technical development.
Elsewhere, payments software firm HPS debuted an API solution of its own. The company recently rolled out its PowerCARD Connect-Open API, designed to help developers integrate mobile payments, tokenization, biometrics and other emerging banking technologies into its solutions.
Digital banking alternative Revolut also introduced a new API in the market. Its Open API solution was first tested two months ago, according to the company, and is designed to enable a wide range of banks and FinTechs to communicate directly with one another and provide more efficient customer service.
For more on these and other headlines around the B2B API space, check out the Tracker’s News and Trends section.
Revolut isn’t alone in debuting its own solution. Fellow bank Tink recently unveiled an API suite. According to Fredrik Hedberg, Tink’s founder and chief technology officer, the move was the latest in a series of decisions designed to focus more of its resources on API development.
Hedberg explained how after hitting the market in 2013 as a consumer-facing digital bank, the company quickly realized that the technology it had built for its own users had become highly sought after by banks and other FIs.
“We’ve found over the last few years that a lot of the technology we build for ourselves and for our customers is really valuable for everyone, from blue-chip banks to FinTech unicorns to smaller niche banks and FinTechs,” he said.
In a recent interview for the B2B API Tracker feature story, Hedberg told PYMNTS how the company began to shift its focus toward API development, and also shared his thoughts on the future of open banking and the financial services space.
To read the full story, download the latest issue of the B2B API Tracker™.
About the Tracker
The B2B API Tracker™ serves as a monthly framework for the space, providing coverage of the most recent news and trends, along with a provider directory highlighting the key players contributing across the segments that comprise the B2B API ecosystem.