The platform, called Front API, has been in stealth mode since July and aims to give FinTechs and decentralized finance (DeFi) companies access to digital asset transfer and cross-exchange execution similar to the way open banking enables access to traditional financial service providers, according to a Wednesday (Sept. 14) press release.
“We have been using our API since the launch of the Front app in late 2020, and realized how beneficial it would be to allow other FinTechs to have access to their user accounts like they never had before,” Front Founder and CEO Bam Azizi said in the release. “Because we enable access to execution and crypto asset transfer across exchanges and crypto platforms, we came to the realization that we can help FinTechs increase their [assets under management (AUM)] and revenue immediately.”
The company anticipates that this API will be used by DeFis, decentralized autonomous organizations (DAOs), lending services, brokerages and other FinTech companies, the release stated.
“Looking at the FinTech landscape in the U.S. alone gives us an addressable market of over 10,000 companies who can build modern, sticky FinTech apps on top of the Front API platform,” Front Vice President of Partnerships Dara Rahimzadeh said in the release.
PYMNTS has reported that 83% of businesses consider APIs critical to their strategies next year and beyond.
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Read more: 83% of Businesses Say APIs Are Critical to Their Strategies
For example, APIs for payments orchestration can help businesses more easily add new capabilities to their tech stacks. For businesses, primary use cases for APIs include integrations to payment gateways, fraud management tools and other technologies, according to “Accelerating the Time to First-Time Payments,” a PYMNTS and Spreedly collaboration.
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