Citigroup announced this week it has launched a global application programming interface (API) portal, aiming to help developers build solutions that are innovative in a quicker time period.
According to a report, Citi’s API portal showcases how the technology is moving to open-source so that there is more collaboration between developers and more partnerships with FinTech to drive the industry forward. With the portal, developers will be able to access APIs in six categories, including account management, peer-to-peer payments, money transfer to banks and other institutions, Citi rewards, investment purchases and account authorization, noted the report. Citi plans to add more categories going forward.
“At Citi, we are focused on making banking easier for our customers by leveraging digitization, mobile technology and innovation. Our open architecture approach is supported by the launch of APIs as a key enabler for the rapid and dynamic deployment of services and capabilities that will allow us to be increasingly relevant to our customers and target markets across Asia-Pacific. The API developer portal enables the further acceleration of offering our banking services in all areas of our customers’ digital lives and ecosystems,” said Francisco Aristeguieta, CEO of Citi Asia-Pacific, in the report. Interested developers can register at developer.citi.com. There, they are provided with tools to connect and put their ideas to tests.
The move on the part of Citi was applauded by the Monetary Authority of Singapore. “This will encourage open collaborations with the FinTech community and potentially deliver better financial services for customers,” said Sopnendu Mohanty, chief FinTech officer of the Monetary Authority of Singapore.
Citi isn’t the only financial company eyeing API developers. In September, Mastercard launched Mastercard Developers — the firm’s new single gateway for developers that gives Mastercard partners access to a set of newly opened APIs across payments, data and security.