Open Banking May Revolutionize the World of Banking and Finance, Business and Industry Trends Analysis

  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 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),…

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