BANKS EMBRACE APIS

By 2010 , 111 financial services companies had adopted APIs for various purposes . But , as regulations improved , demand increased significantly . According to Accenture , 1,675 banks and fintechs had begun using API technology by 2017 . The use enabled better B2B functionality as well as the launch of more products and services

EBAY JOINS THE CAUSE

Just months later , eBay dipped its toe into the API space by launching the eBay Application Programming Interface ( API ), alongside the eBay Developers Programme . This radical move resulted in eBay ’ s APIs becoming openly available for developers

SALESFORCE LAUNCHES THE FIRST API

According to reports , just nine weeks after experts had panicked about global meltdowns caused by the Millennium Bug , the world ’ s first web API was introduced by Salesforce . com . The main role of this API was for customers to share data across their different business applications

THE FUTURE OF APIS IN FINANCE

APIs have given rise to the open banking and embedded finance wave that has gone global since the COVID-19 pandemic . Digital transformation was fast-tracked , forcing legacy institutions to adopt new , faster transactional technologies provided by digital partners . According to recent reports , there are now 1,578 open banking platforms making APIs available , with 5,564 API products available to third parties . This represents an 8 % annual growth on 2021 figures

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