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:
Access financial data
Connect multiple financial applications
Sync data across multiple applications
Be designed specifically for use in the financial sector