API Defined

• An Application Programming Interface (API) is a software interface that allows third-party applications to interact or talk with each other.

API in Fintech

• An API in banking and fintech allow an app developed by a fintech company to communicate with a bank´s server and then use that information to provide financial services to customers. This could include "apps designed to help people create budgets to robo-advisors, and from payment processing programs to block chain technology."
•  Fintechs use APIs to process payments, for peer to peer programs, investment management, white labeling, and regulation.
• Use cases for open API include:
• Customer acquisitions;
• Personalized offerings;
• Internet of Things;
• Cross industry integrations;
• Data Science;
• Fraud and crime; and
• Rewards and loyalty
• Use cases have three basic pillars:
• Deployment framework;
• API governance; and
• Value realization and monitoring post-deployment.
•  Open API is considered one of the most significant trends in the fintech industry.

Summary

• While there is a reasonable amount of data available in the public domain, a lot of it has been generated by software development companies meaning there is a slight bias to it. What this means is it takes some time to evaluate the information and ensure only relevant, unbiased information is considered.