Automated Compliance Checks:<\/strong> Financial institutions use APIs to connect with AML and KYC databases for real-time compliance checks.<\/li>\n<\/ol>\n\n\n\nAnalogies<\/h3>\n\n\n\n Consider an API as a waiter in a restaurant. Just as a waiter takes your order, communicates it to the kitchen, and then brings your food to the table, an API takes requests from a user, sends them to the financial system, and then returns the system’s response to the user.<\/p>\n\n\n\n
By understanding the versatile roles and applications of APIs in the banking and financial services sector, we can appreciate their vital role in the modern digital economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Definition An Application Programming Interface (API) is a set of protocols, routines, and tools for building software applications. In the context of banking and finance, an API is a way for different financial systems, applications, and services to connect and communicate with each other. APIs enable the integration of banking services with other business applications, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3611,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"blocksy_meta":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable":"
Definition An Application Programming Interface (API) is a set of protocols, routines, and tools for building software applications. In the context of banking and finance, an API is a way for different financial systems, applications, and services to connect and communicate with each other. APIs enable the integration of banking services with other business applications, thereby facilitating seamless data exchange and functional interoperability. Also See: Understanding Application Programming Interface (APIs) Usage Context In banking and financial industries, APIs are typically used for: Integrating banking services with third-party applications or platforms. Facilitating money transfers and payments between different systems. Allowing access…<\/p>\n","category_list":"","author_info":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable_v2":"
Definition An Application Programming Interface (API) is a set of protocols, routines, and tools for building software applications. In the context of banking and finance, an API is a way for different financial systems, applications, and services to connect and communicate with each other. APIs enable the integration of banking services with other business applications, thereby facilitating seamless data exchange and functional interoperability. Also See: Understanding Application Programming Interface (APIs) Usage Context In banking and financial industries, APIs are typically used for: Integrating banking services with third-party applications or platforms. Facilitating money transfers and payments between different systems. Allowing access…<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num_v2":"0 comments","yoast_head":"\n
Application Programming Interface (API) - Faisal Khan<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n