In the transportation and hospitality markets, when players like Uber, Lyft and Airbnb made headway, legacy players in the space were largely caught off guard. On the other hand, in the financial services space, APIs are helping banks to lead their own disruptive destinies instead of reacting to, and catching up with, the latest developments.
The July B2B API Tracker™ explores how APIs are leading legacy banks and FinTech players to collaborate as partners to disrupt several different verticals, including marketplaces, eCommerce, real estate lending, retail and more.
Around The B2B API World
Banks are recognizing they need innovative partners to launch new API-driven solutions for their customers — and one FinTech recently launched a solution to help facilitate those connections. U.K.-based company Finastra debuted a new platform, FusionFabric.cloud, to help the company’s approximately 9,000 bank clients connect with potential FinTech partners on open banking initiatives. The platform enables FinTech firms and developers to build and deploy APIs that can connect to Finastra’s core banking infrastructure.
Another recent API integration aims to help banks and lenders make informed decisions in the real estate lending market. Compass Analytics, an analytics solutions provider for different lenders types, recently announced its CompassPoint solution was integrated into the Fannie Mae Service Marketplace API. The solution allows banks, investors and other lenders to more easily compare lending services using the Compass MSR modeling system.
APIs are also central to the growth of the integration platform-as-a-service (iPaaS) market, solutions designed to address interoperability issues. One provider of iPaaS solutions, Jitterbit, recently announced a partnership with enterprise service management solutions provider Cherwell Software. The collaboration resulted in a new iPaaS solution designed to help companies quickly integrate new services across multiple organizations within a single company.
Banks Turn To APIs To Own Disruption
APIs are causing significant disruption in the financial services space, and banks want to be a part of that disruption, rather than wait and react to it. For the July B2B API feature story, Rene Schuurman, global market manager of Citi’s Channel Services division, discusses how APIs are empowering banks to play a key role in financial services disruption, and how Citi’s recently launched developer platform is helping banks to take a DIY approach to innovation.
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.