FinTech Magazine August 2024 | Page 76

Banking APIs to extend their products and integrate with complementary software like accounting applications . Third-party APIs facilitate the distribution and cross-selling of new products such as insurance or stock trading .
“ Because Neobanks usually start with a small number of products and focus on making sure they get all the details right , some of them try to transform their product into a technology platform that can be extended via Open Banking APIs or integrated with complementary software , such as accounting applications ,” says Lucian Daia .
“ When it comes to integrating third -party APIs to enhance functionality , these are used to distribute and cross -sell new products , such as insurance or stock trading .”
Luke Schofield , Senior Frontend Developer at Brandwidth , adds : “ Open Banking standards , like PSD2 , allow secure and standardised access to financial data , enabling third-party developers to create innovative services .
“ They secure APIs with technologies like OAuth 2.0 and JSON Web Tokens , and use API gateways for managing performance , rate limiting to limit network traffic and monitoring . This ensures seamless integration with various services , such as payment gateways and financial management tools .”
APIs can follow RESTful best practices and undergo rigorous vulnerability assessments . RESTful best practices refer to guidelines for designing and implementing web services using the
76 August 2024