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Understanding Fintech and Open Banking APIs
14-02-2024 • 5 min read
Sahar Butt
Contents
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Understanding the concept of API: Types and benefits offered
Types of fintech and banking APIs
Benefits of APIs for banks and financial institutions (BFSIs)
Reduced costs
Regulatory compliance
Enhanced customer experiences
The importance of implementing security for fintech APIs
Using strong authentication and authorization
Segregating your data
Eliminating business logic vulnerabilities
Creating security awareness among employees
Adding TLS/SSL for API communications
Keeping a tested contingency plan
APIs and fintech apps: The perfect combination to drive innovation
What are APIs in fintech and open banking, and how are they benefitting the financial services industry? Read more in this article.
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