API Platforms in Commercial Banking

Written by CFTE’s Experts

The retail side of financial institutions – particularly the payments side – is actively using open banking and Application Programming Interface (API) systems. However, commercial banks have so far been wary of open banking to some degree. Nevertheless, in recent times the range of commercial banking functions such as managing liquidity, foreign exchange and trade, collections and payments, working capital, and the management of treasuries are making commercial banks consider the benefits of open API solutions.

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Furthermore, there is a strong push from regulatory bodies in specific countries to embrace open-banking norms in order to expand industry growth and competitiveness. The accessibility and wide-spread use of cloud computing and its connected systems are helping to improve provisioning, scalability and agility.

How are APIs platforms transforming Commercial Banking?

New innovations and rapid advancements in API technology have had a tremendous effect on the workflow of businesses. As a significant asset for cultivating development, APIs give organisations more opportunities than ever before to introduce new products, offer new types of services, and improve their standing in the industry as a whole. Most organisations with advanced API systems believe that they are more successful than organisations that are still using legacy systems or no APIs at all.

If banks keep advancing toward this kind of innovation, the business will begin to see changes in the manner information is gathered and used, and the overall efficiency and customer satisfaction in day to day operations. This could improve productivity and be cost-effective for all participating banks.

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Examples of API platforms in Commercial Banking


– Offers an open API to gather information and study the bank’s position in the market.


HSBC Group

– Uses an open API to create secure channels for transferring customers’ sensitive data.

Final Thoughts

The executive functions and capabilities of APIs in financial institutions show a slow but solid move from older, traditional banking systems to a modern, open banking system. Since open APIs uphold the exchange and utilisation of information to improve the client experience, these systems could very well turn into the norm for commercial banks and organisations across the globe. 

Fintech applications, specifically, have a lot of potential for growth from this progress. The objective of Fintech applications is to assist clients in gaining easier and hassle-free access to their funds, and specialised APIs will give the application designers, and in turn, the banks, a way to improve the services they offer.

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Growth in the adoption of API systems in financial institutions will permit commercial banks and other organisations to interact with their customers more consistently and reliably, and it is through APIs that this change will become feasible for commercial banks across the world. The future truly is in technology, and API systems, whether open or private, are merely the tip of the iceberg in the vast ocean that is technological progress and innovation in banking for a better future. How well financial institutions and other organisations can adapt to the needs of the future remains to be seen.

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