Open Banking May Revolutionize the World of Banking and Finance

To understand the concept of “open banking,” you have to start by understanding “APIs.” An API (application programming interface) is a programmer’s tool that makes it easy for a software, database or website designer to link to data. An API receives requests for data, and then serves up that data on demand. For designers, API’s offer drag-and-drop convenience, where the website designer can simply drag the API code for the desired data, place it in their own software, and make the needed data appear when desired.

APIs are the enabler of many rapidly emerging, exciting banking and financial tools (FinTech), accessed by consumers and businesses either online or through their mobile apps. They save software designers hundreds of hours of design time and effort. Equally important is the fact that data aggregators that have access to financial information can make certain that data is passed along, via their APIs, in a manner that meets today’s stringent regulatory environment.

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