Best Financial Data APIs
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:
Best Financial Data APIs At A Glance
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- Overview
- Pros and Cons
- User Satisfaction
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Merge helps companies add hundreds of integrations to their products, making it easy to access and sync their customers’ data. Merge offers Unified APIs that provide normalized data across key softwar
- Software Engineer
- CEO
- Computer Software
- Information Technology and Services
- 62% Small-Business
- 30% Mid-Market
2,181 Twitter followers
- Overview
- User Satisfaction
- Seller Details
GoCardless Bank Account Data (Ex-Nordigen) enables businesses to securely access your user’s bank account information for better lending, accounting, KYC, and financial management. Why chose us? 1)
- Accounting
- Financial Services
- 81% Small-Business
- 15% Mid-Market
13,133 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Mastercard API is an Application Programming Interface of mastercard with the objetive of open up, standardize and simplify access to its services.
- 45% Small-Business
- 45% Mid-Market
484,513 Twitter followers
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- User Satisfaction
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Flinks is the creator of a powerful no-code platform and financial data APIs that make it easy and efficient for your team to build with financial data. Trusted by millions of individuals accessing
- Financial Services
- 62% Small-Business
- 34% Mid-Market
815 Twitter followers
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- Pros and Cons
- User Satisfaction
- Seller Details
Unified API for B2B financial products. Leverage one API to add integrations across many accounting, commerce, ads, payment platforms and more. Purpose-built to support financial solutions and for com
- 71% Small-Business
- 29% Mid-Market
- Overview
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- User Satisfaction
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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 easil
- Financial Services
- 59% Small-Business
- 19% Enterprise
33,035 Twitter followers
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- User Satisfaction
- Seller Details
The Open Banking APIx solution simplifies and accelerates the process of delivering open banking as required by PSD2 by enabling speedy and secure delivery of PSD2-compliant APIs.
- 45% Mid-Market
- 36% Small-Business
32,750,646 Twitter followers
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- Pros and Cons
- User Satisfaction
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Alloy Automation is a modern embedded iPaaS platform with a user-friendly, low-code interface, empowering technology teams to create and manage integrations without extensive coding. It supports a wid
- Computer Software
- Information Technology and Services
- 51% Small-Business
- 49% Mid-Market
5,697 Twitter followers
- Overview
- User Satisfaction
- Seller Details
TrueLayer is Europe’s leading open banking payments network. We power smarter, safer and faster online payments by combining real-time bank payments with financial and identity data. Businesses big an
- CEO
- Financial Services
- 76% Small-Business
- 24% Mid-Market
3,738 Twitter followers
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- User Satisfaction
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Apideck eliminates the complexity of integrations with a single real-time API that connects to 190+ platforms across CRM, Accounting, HRIS, File Storage, and eCommerce without the technical overhead.
- CTO
- Computer Software
- Information Technology and Services
- 80% Small-Business
- 16% Mid-Market
871 Twitter followers
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- User Satisfaction
- Seller Details
Codat helps banks build deeper connections with business customers. We offer products that make it easy to access, synchronize and interpret data from customers’ financial software for specific use c
- Financial Services
- Insurance
- 71% Small-Business
- 21% Mid-Market
4 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Finch is a unified API and connectivity platform that connects HR, benefits, and financial applications to 220+ HRIS and payroll providers. By serving as an intermediary, Finch allows B2B application
- Computer Software
- Financial Services
- 76% Small-Business
- 19% Mid-Market
728 Twitter followers
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- Pros and Cons
- User Satisfaction
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The world’s most successful platforms and marketplaces, including Shopify and DoorDash, use Stripe Connect to embed payments into their products. Connect offers instant onboarding, embedded components
- Founder
- Owner
- Computer Software
- Internet
- 75% Small-Business
- 19% Mid-Market
256,502 Twitter followers
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- User Satisfaction
- Seller Details
Fidel API is a global financial infrastructure platform that enables developers to build programmable experiences at the moment a transaction occurs on any payment card. Startups through global enterp
- 60% Small-Business
- 20% Enterprise
925 Twitter followers
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- User Satisfaction
- Seller Details
- 50% Mid-Market
- 30% Small-Business
1,420 Twitter followers
- Overview
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- User Satisfaction
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Integration Labs (formerly RootFi) makes interacting with your business customers' data easy via a Unified API. Leading SaaS, payments, and financial service companies use a single API to seamlessly
- Accounting
- Computer Software
- 81% Small-Business
- 10% Enterprise
55 Twitter followers
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- User Satisfaction
- Seller Details
The Open Bank Project offers an easy-to-use RESTful JSON API. Connect in minutes and start using it.
- 47% Small-Business
- 27% Mid-Market
3,893 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Airapi is: - an API Gateway and End-to-end API Management Platform, including a developer portal to offer your APIs to fintechs and developers - Open Banking Solution, compatible with PSD2, Berlin G
- Banking
- 55% Small-Business
- 25% Mid-Market
24 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Array fuels financial progress by building private label consumer products for many of the world’s leading fintechs, financial institutions, and digital brands. Our suite of credit, financial manageme
- 50% Small-Business
- 25% Enterprise
73 Twitter followers
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- User Satisfaction
- Seller Details
vBoxxCloud is a business solution that helps manage company files.The extensive online dashboard allows users to see who has access to which folders. Users can keep track of who is connected to the cl
- 60% Small-Business
- 30% Mid-Market
2,786 Twitter followers
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- User Satisfaction
- Seller Details
Excel Price Feed is an Excel Add-in which brings live and streaming financial prices to Excel. The product includes connectors to Yahoo Finance, IG Index, Quandl and EODHistoricalData.com for live fin
- 63% Small-Business
- 29% Mid-Market
- Overview
- User Satisfaction
- Seller Details
Neudata provides independent research and expert consultancy on external data sources and use cases. The company curate's external data from non-traditional sources into a library of data sources. Exa
- 64% Mid-Market
- 27% Enterprise
869 Twitter followers
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- User Satisfaction
- Seller Details
Airslip simplifies the complexity SMEs face when accessing financial services with real-time financial and performance data. Using commerce, banking and accounting data, the Airslip product provides i
- 61% Small-Business
- 33% Enterprise
- Overview
- User Satisfaction
- Seller Details
Bloom is rewiring how companies access, use, and furnish credit data, all the way back to the coding and first principles level. Our goal is simple: to help everyone from seed-stage startups to large
- Financial Services
- 50% Mid-Market
- 50% Small-Business
- Overview
- User Satisfaction
- Seller Details
Finally, a Unified API, Operations Dashboard, and UI Library, All-In-One, to Power Your Financial Application
- 70% Small-Business
- 20% Mid-Market
164 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Finicity’s open banking platform makes connecting your customers’ financial data to your app or service simple. Finicity’s open banking platform is being used by some of the largest and most innovati
- 78% Small-Business
- 22% Mid-Market
484,513 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
RapidRatings® is a financial health transparency solution designed to assist businesses in managing enterprise and financial risk effectively. By providing in-depth analysis of the financial health of
- Financial Services
- 81% Enterprise
- 13% Small-Business
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Sila’s banking-as-a-service platform offers payment APIs and digital wallets for financial products, fintech, Web3, and crypto projects. Sila’s platform processes ACH payments and supports KYC/KYB, b
- Financial Services
- 94% Small-Business
- 6% Mid-Market
3,349 Twitter followers
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- User Satisfaction
- Seller Details
Railz is building the largest financial data network for the future of finance. We aim to bridge the connection between future-thinking financial institutions and companies and their SMB customers’ f
- 44% Enterprise
- 44% Small-Business
- Overview
- User Satisfaction
- Seller Details
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 jo
- 67% Small-Business
- 17% Mid-Market
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- User Satisfaction
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Fixer is a simple and lightweight API for current and historical foreign exchange (forex) rates. 170 World Currencies Real-time exchange rate data for 170 world currencies, updated every 60 seconds.
- Computer Software
- Retail
- 68% Small-Business
- 26% Mid-Market
489 Twitter followers
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- User Satisfaction
- Seller Details
Meld empowers developers to build a Multi Vendor Fintech stack. With a few lines of code, developers gain access to a wide range of financial integrations across multiple domains. Meld helps you lower
- 67% Mid-Market
- 17% Enterprise
373 Twitter followers
- Overview
- User Satisfaction
- Seller Details
MX is the leading data platform for banks, credit unions and fintechs, enabling its clients and partners to easily collect, enhance, analyze, present and act on financial data. Using MX platform and p
- Financial Services
- Banking
- 43% Mid-Market
- 36% Small-Business
- Overview
- User Satisfaction
- Seller Details
As a global leader in open banking, data aggregation, and data analytics, Yodlee powers innovation and insights for financial service providers and tech firms and their customers. By connecting vast,
- 40% Mid-Market
- 20% Enterprise
- Overview
- User Satisfaction
- Seller Details
We built a technological layer where you can view and analyze the financial data of your clients in a safe, quick and easy way.
- 60% Enterprise
- 20% Mid-Market
- Overview
- User Satisfaction
- Seller Details
Quick & Easy Process with Finage APIs Grant your key, integrate it into your application, Connect & Start with one click and you're ready to receive tailored secure real-time data with super
- 40% Mid-Market
- 40% Small-Business
546 Twitter followers
- Overview
- User Satisfaction
- Seller Details
The AccountRight Live API is a rich REST based cloud API that allows our development community to easily consume data from and augment the features of MYOB AccountRight Live.
- 83% Small-Business
- 17% Enterprise
18,900 Twitter followers
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- User Satisfaction
- Seller Details
Trade360 is a global trade platform that offers corporate portal, cash management, payables, and receivables functionality.
- 100% Small-Business
21,604 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Assembly’s payment APIs help businesses manage multiple payment workflows and move funds, so they can pay and get paid without delays.
- 50% Mid-Market
- 25% Enterprise
133 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Boss Insights provides global leading access to business customers’ financial data with a single connection to accounting, banking, commerce, payroll, tax and more (i.e. Quickbooks, Stripe, SalesForce
- 60% Small-Business
- 40% Mid-Market
348 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Dwolla, Inc. is a fintech company powering innovations with sophisticated account-to-account payment solutions. Dwolla’s robust platform, low-code API and partnership ecosystem simplify the complex p
- Financial Services
- 63% Small-Business
- 29% Mid-Market
22,241 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Financial Data APIs
- 50% Small-Business
- 25% Enterprise
8,253 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform en
- 75% Mid-Market
- 25% Small-Business
- Overview
- User Satisfaction
- Seller Details
Do you have customers confused and struggling with student loans, credit card debt, mortgages, personal & auto loans? Our embeddable debt management tools gives you the ability to offer them actio
- 50% Small-Business
- 25% Enterprise
- Overview
- User Satisfaction
- Seller Details
UniBit uses AI to deploy unique market data feeds for trading, analytics and applications.
- 75% Small-Business
- 25% Enterprise
- Overview
- User Satisfaction
- Seller Details
Validis is an open data platform that connects seamlessly to every major accounting package, providing on-demand data to lenders, asset managers, auditors and accountants.
- 75% Small-Business
- 25% Mid-Market
- Overview
- User Satisfaction
- Seller Details
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 ap
- 33% Small-Business
- 33% Enterprise
- Overview
- User Satisfaction
- Seller Details
We are a financial statements API, a free stock API and a historical quotes API. Find all companies financial reports, company stock prices in Real-time.
- 80% Small-Business
- 20% Enterprise
- Overview
- User Satisfaction
- Seller Details
IntegrationOS is realtime integration middleware for high-growth startups. It gives developers and product teams an all-in-one toolkit to ship, manage and scale in-app integrations for customers. The
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Pinwheel is working to create a fairer financial system by unlocking API access to payroll systems. Pinwheel provides a platform allowing consumers to connect their payroll account to any app. By buil
- 100% Small-Business
651 Twitter followers
- Overview
- User Satisfaction
- Seller Details
The Launchpad for Financial Innovation We are the only regulated embedded finance platform provider that enables companies across the globe to launch feature complete deposit, payment, and credit pro
- 33% Mid-Market
- 33% Enterprise
- Overview
- User Satisfaction
- Seller Details
Yapily is Europe’s leading open banking infrastructure platform solving a fundamental problem in financial services today: access. We securely connect our customers to thousands of banks across Euro
- 67% Mid-Market
- 33% Enterprise
899 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Leverage our Accounts API and your customers will be able to create a new checking account within minutes and access key account data through your site or app.
- 50% Mid-Market
- 50% Small-Business
2,347,336 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Bud Financial (“Bud”) enriches financial data, identifying the likes of merchant, category, location and regularity of transactions, to provide actionable insights and readable inputs for LLMs in the
- 50% Mid-Market
- 50% Small-Business
- Overview
- User Satisfaction
- Seller Details
Finazon is leading a revolution in how individuals and businesses access financial data. As a global marketplace, Finazon provides unparalleled access to an extensive array of datasets, covering every
- 50% Mid-Market
- 50% Small-Business
- Overview
- User Satisfaction
- Seller Details
- 50% Small-Business
- 50% Mid-Market
- Overview
- User Satisfaction
- Seller Details
Q2 Open contains easy-to-use tools for creating deposit and payment products. Use the APIs to build your own custom solution, or buy what we’ve built to get to market even faster.
- 100% Small-Business
35 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Why develop your own financial tech from scratch? There’s a much smarter way to do fintech. Bring us your solution, and we’ll bring everything else - applications, web, hosting, and partnersOur white
- 50% Small-Business
- 50% Mid-Market
- Overview
- User Satisfaction
- Seller Details
Xignite offers cloud-based marketdata solutions designed to enable companies to consume, centralize, distribute and optimize access to real-time market and reference data.
- 100% Small-Business
- 50% Mid-Market
3,311 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Now that you have created your account, take the next step with Cards API. In one easy-to-use API, you can now create and service all your customers debit card needs.
- 100% Enterprise
2,347,336 Twitter followers
- Overview
- User Satisfaction
- Seller Details
The Data Catalog API provides programmatic access to the list of datasets in the World Bank’s Open Data Catalog with associated metadata.
- 100% Small-Business
80,877 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Decentro is a full-stack platform that allows users to select the desired modules, play in the sandbox and launch the product with the APIs in a record time. The offerings by Decentro have been relent
- 50% Small-Business
- Overview
- User Satisfaction
- Seller Details
The Equifax developer portal is a gateway to modern cloud capabilities, allowing customers to easily integrate to APIs and quickly move business forward. Over 50 public, RESTful APIs are available, p
- 100% Small-Business
23,960 Twitter followers
- Overview
- User Satisfaction
- Seller Details
RISQUE is a cross-asset trading and risk management solution that enables investment banks to implement true straight-through processing across all of their trading activity.
- 100% Mid-Market
11,365 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Transparent, scalable pricing Grow and scale with a clear, predictable pricing model.
- 100% Enterprise
- Overview
- User Satisfaction
- Seller Details
With support from over 280 Canadian Financial Institutions, Inverite is the clear market leader in Instant Bank Verification. Quickly, easily and securely connect your users’ financial data to your bu
- 100% Small-Business
68 Twitter followers
- Overview
- User Satisfaction
- Seller Details
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
We allow retail traders with MT4/MT5/Binance/Huobi/Robinhood trading accounts to link their trading accounts through our cloud to aggregate financial data and manage risk in real-time. Investment mana
- 100% Mid-Market
- Overview
- User Satisfaction
- Seller Details
Download current and historical market data for stocks, options, futures, forex, indices, and more. Access data programmatically using the Market Data REST API or use the Google Sheets or Microsoft Ex
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Free, easy-to-use REST API interface delivering worldwide stock market data in JSON format
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
The Only Integration You Need Our platform includes the Mortage Loan Connector, Consumer Loan Connector and Commercial Loan Connector. These integration solutions provide seamless connectivity between
- 100% Enterprise
719 Twitter followers
- Overview
- User Satisfaction
- Seller Details
FISKIL connects businesses with banking data. Fiskil provides easy integration, all companies need to do is sign up and we will supply their private API keys. Following this, our Quick Start Tuto
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
The Precise API is a streamlined solution that connects and aggregates business accounting data for enterprise users, including financial institutions, lenders, and fintechs. Offers essential insights
- 50% Enterprise
- 50% Small-Business
247 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Profit.com is a pioneering fintech company reshaping the landscape of trading analytics, financial research, and trading education. With a mission to democratize financial technology, we empower trade
- 100% Small-Business
5,557 Twitter followers
- Overview
- User Satisfaction
- Seller Details
The Qard solution is designed for financing companies that want to control their credits risks and have access to all the information concerning their clients. Qard has data on VSEs and SMEs from doze
- 100% Enterprise
- Overview
- User Satisfaction
- Seller Details
Get millions of financial and economic datasets from hundreds of publishers via a single free API.
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Routefusion's unified API simplifies cross-border payments for businesses by offering secure, compliant, and easily accessible global financial infrastructure. Routefusion's customers are able to cut
- 100% Mid-Market
- Overview
- User Satisfaction
- Seller Details
SentiLink's technology helps you detect and block synthetic identities, where the name, date of birth, and SSN don't correspond to a single real person.
- 100% Mid-Market
322 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Instead of investing in wasted development time, connect to a single API to access credit and verification data from dozens of resellers and service providers.
- 100% Mid-Market
484 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Use a single API to give brokerage account connections to end users to access their account data and let them place trades.
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
solarisBank enables your business to offer financial services by building your own banking products with our API accessible banking platform.
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Swan’s Banking-as-a-Service platform is the easiest way for companies to embed banking features. Via Swan’s simple APIs, European companies can integrate banking features (accounts, cards, and payment
- 100% Small-Business
615 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Token.io is an account-to-account (A2A) payment infrastructure provider powered by open banking and built for the payments industry. With the simplest and fastest way to launch Pay by Bank as a core
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Connect to 16 of the largest FX liquidity providers, ECNs & trading platforms over a single Data API. Query your trading data, analyse & collaborate without friction
- 100% Enterprise
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Tunell is a 360-degree crypto payment processing solution that enables your business to not only accept payments, but also to send payments. There are millions of crypto holders out there who want t
- 100% Mid-Market
- Overview
- User Satisfaction
- Seller Details
- 100% Mid-Market
2,616 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Integrated Capital Engine is a web-based software that analyses portfolios, generates proposals, makes up theoretical illustrations.
- 50% Mid-Market
- 50% Small-Business
1,259 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Aeropay is a financial technology company that helps people move money with bank-to-bank (ACH) transfers. We enable businesses to accept compliant, cashless and contactless payments, giving customers
- 75% Small-Business
- 25% Mid-Market
1,156 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Financial Data API provides market data, company fundamentals, alternative data, and much more. Over 20 years of historical data available, including information on 15.000+ stocks, 20.000+ funds, 2000
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- User Satisfaction
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- Overview
- Pros and Cons
- User Satisfaction
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Over 300 companies use Alloy’s API-based platform to connect to more than 160 data sources, automate identity decisions during account origination, and monitor them on an ongoing basis. Alloy has help
- 100% Small-Business
- Overview
- User Satisfaction
- Seller Details
Enterprise-grade embedded finance platform enables you to offer your customers bank accounts, physical or vritual cards, global money movement, and currency exchange
99 Twitter followers
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- User Satisfaction
- Seller Details
Amplify Open Banking gives you the tools to accelerate your open banking strategy and rise to the evolving challenges of regulatory compliance, consumer trust, and operational efficiency. Bringing
4,968 Twitter followers
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- User Satisfaction
- Seller Details
2,616 Twitter followers
- Overview
- User Satisfaction
- Seller Details
- Overview
- User Satisfaction
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Ayoconnect is a financial technology company based in Jakarta, Indonesia. It is now the largest Open Finance API platform in Southeast Asia, aiming to transform the financial services landscape in the
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- Seller Details
We connect you to millions of bank accounts to streamline processes and provide turnkey insights and value - with 1 API. We develop and operate REST-APIs and GUIs all around the topic of finance. As
- Overview
- User Satisfaction
- Seller Details
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 tool
347,349 Twitter followers
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- User Satisfaction
- Seller Details
Basiq enables users to access financial data from sources via simple set of APIs.
337 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Bayo Pay (M) Sdn Bhd is a homegrown financial technology company regulated by Bank Negara Malaysia under the Payment System Act 2003 and a licensed entity by Mastercard as an issuer of Mastercard paym
Learn More About Financial Data APIs
What is Financial Data APIs?
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
- Improve internal data access
- Catalyze external fintech product development
- Fuel internal product development
Why Use 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.
Who Uses Financial Data APIs?
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.
Kinds of Financial Data APIs
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 Features
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.
Potential Issues with Financial Data APIs
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.
