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Financial data APIs (application programming interfaces) are pieces of software that interact with financial applications to facilitate information access, transactions, and payments. Financial institutions leverage these APIs to improve the ease of integration, facilitate collaboration between financial partners, and improve the customer experience.
The goal of a financial data API is to allow a user to retrieve financial information exactly when they want it. Financial data APIs bridge the gaps between disparate applications and facilitate straightforward data sharing between those applications for consumers, third-party vendors, business partners, and company employees. Businesses also use these APIs to sync data across multiple applications.
These APIs connect to, and collect data from, legacy financial applications by receiving inbound requests, processing them, accessing the requested information, and sending a response. Users leverage financial data APIs to link and access information held in larger applications and financial databases.
To qualify for inclusion in the Financial Data APIs category, a product must:
Plaid is a platform with a suite of products that enables developers to build financial applications which can interact with bank accounts, execute payments, and manage risk. It allows a user to easily authenticate and link their bank account to any application and utilize bank-like functionality out of that app. With Plaid, you will be able to develop applications that sync with users’ bank accounts to track and manage their budgets, and transfer funds. Essentially, it serves as the link betw
The Bank Account Starter API provides the ability to open a new 360 Savings Account, 360 Money Market Account, or 360 Certificate of Deposit (CD). Customers can apply for an individual account or a joint account (up to two applicants). And you have full control over how the application is presented.
The Credit Offers API is available to Capital One Affiliates and allows you to match your customers to credit offers that not only meet their needs but are also more likely to result in an approved application. Within 60 seconds of submitting a few pieces of identifying information through our secure channel, you will receive a list of personalized credit card offers to show your customer.
Catalyst Accelerator for Banking is a set of API designs and supporting reference implementations, that accelerate the path towards digital transformation. Drawing on its work with 5 of the top 10 global banks, MuleSoft's Catalyst Accelerator for Banking provides a microservices foundation for implementing key Open Banking and PSD2 use cases.
LoanSifter by Optimal Blue operates the mortgage industry's digital marketplace which connects lenders, investors and providers with comprehensive secondary marketing solutions, market leading capabilities and value-added services that deliver results.
Expand your insight with the Open:FactSet Marketplace, the destination for best-in-class data and solutions that give investment professionals an edge. From ESG to Satellite and everything in between, the Open:FactSet Marketplace is your home for data that gives you an edge.
Validis provides a quick, easy, and secure way for small businesses to share their financial data with accounting firms and financial institutions. Our unique, cloud-based technology collects financial data from a business’s online or offline accounting application and automatically assembles the data into a set of standardized reports in minutes. The reports are viewable in our online portal and seamlessly integrate into your existing technologies.
Barchart OnDemand provides direct, extensive and reliable financial market data APIs. The convenient tools make it easy to integrate market data into applications, websites, charts and financial tools. Barchart OnDemand can provide a fully custom or off-the-shelf solution with flexible APIs that can be tailored to include only the data that is necessary. With direct connectivity to the exchanges, Barchart OnDemand is completely platform-independent so the data can be received in any operat
Strivve exists today to enable card issuers to compete for online payment volumes, while simultaneously providing numerous improved customer experiences to their cardholders. Card issuers often achieve immediate increase in transaction volume and an ROI over 8-10 times the cost of Strivve. Strivve owns the trademark on "Top of Wallet" and we provide "Top of Wallet" solutions that 1) protect their card transaction volume (aka card use) and 2) compete for Top of Wallet status and increase usage
cmdty offers APIs for commodity data that are fast, flexible, and available OnDemand. APIs from cmdty include real-time, delayed, end-of-day, and historical APIs for exchange data, indexes, local grain bids or cash commodities. With cmdty APIs users can access various fundamentals, commodity statistics, and economic data. Users can request information by data series with historical information available through to inception for most series. cmdty APIs include: -The getQuote API used to request
DirectID is all about unleashing the value of bank data for businesses. Join us today and start solving identity, affordability, credit risk and more. We offer end-to-end bank data solutions allowing your business to request, access, and start using customer bank data. We deal with the data collection and analysis, delivering the insights and value straight to you. Our DirectID Solutions include: DIRECTID BANK DATA SUITE Everything you need to start accessing, understanding, and using bank da
Financial data APIs have become an important part of the financial technology landscape. They link internal data sources and external access to financial data, depending on the type of API and the use case stipulations governing its use. Financial data APIs are helping to fuel the development of financial products as well as streamline operational data-involved processes internally.
Key Benefits of Financial Data APIs
Financial data APIs are useful for a variety of reasons. They can improve internal data sharing and operational efficiency, provide an additional source of revenue by charging for external use by partners, and fuel fintech development. Depending on the parameters set regarding developer use of the API in question, the financial institution may benefit handsomely from allowing API access to external developers. Internal developers with API access can provide the institution with new product offerings as well as insights that may inform product development and organizational strategy.
Internal Data Sharing — One of the primary reasons to use financial data APIs is for internal sharing of financial data. In a large financial institution, data can become very siloed and difficult to access for those not working directly with it on a daily basis. Financial APIs open up access to those data sources, helping to improve transparency and allow easier internal data sharing.
Partner Integrations — Another reason to use financial data APIs is to strengthen partner integrations with a financial institution. Giving partners access to valuable data sources strengthens the connection between products.
Internal Product Development — Financial data APIs can help fuel internal product teams’ development processes. They can leverage the data accessed via the API to drive the creation of new products.
Financial services institutions of all shapes and sizes use financial data APIs.
Fintech Companies — Fintechs make good use of financial data APIs. They are increasingly leveraging access to these valuable data sets to inform product decisions.
Financial Institutions — Traditional financial companies are using financial data APIs to create products, share data internally, and fuel partner integrations. As the institutions with the largest financial datasets, the opening of those datasets to the world at large (with obvious privacy and data sharing restrictions in place) is key to enhancing the fintech product landscape.
There are three types of APIs in the finance industry: internal APIs, private APIs, and open APIs.
Internal APIs — Internal APIs are used by individuals, usually developers, within an organization. These APIs are designed to share various internal data sources across the organization. The goal of leveraging these APIs is to increase operational efficiency and improve processes by streamlining internal data access.
Private APIs — Private APIs are limited-use APIs for financial institutions’ business partners to tighten up partner integrations. Financial institutions can monetize the use of these APIs and often leverage their use to enhance security across partnerships.
Open APIs — Open APIs are used to share financial data with a wide range of potential users. These APIs often limit the amount and type of information that is accessible, and the API creator often vets users prior to granting them access. However, these APIs drive product and application creation by developers who use the data accessed by the API to shape their product.
Financial data APIs often include, but are not limited to, the following features:
Data Syncing — Syncs data across multiple applications.
Live Feed — Provides live data input from source to application.
Open Interface — Allows external connections once properly vetted.
Security — Data security is paramount these days. API creators have to ensure there are strong security features built in and that the right data is only accessible to the right people.
Data Sharing Policy — APIs must navigate the constantly shifting regulatory landscape that governs data sharing. As more personal data than ever before is housed by the various companies we provide with that data, developers have to ensure that the data they are sharing is legally and properly shared. Privacy is a large concern, so financial data APIs must be designed with that in mind.