India has advanced towards embracing technology like no other country. Every major industry, sector, and department relies heavily on technology for communication, automation of processes, and increasing productivity. Following the suit, technology has spread its arms in the arena of Financial products and services. With demonetization and the rise of digital money, the FinTech industry has gained much awaited popularity amongst the Indian consumers. And APIs are a major part of this industry.

So what are APIs? How do they fit in the world of FinTech? What scope do they offer? And how is Financial API becoming an important color in the Indian Financial fabric? Let's dig deeper into the answers to these questions.

What are APIs in the context of FinTech?

API stands for Application Programming Interface which is a software based mediator that acts as a bridge between two applications and enables them to communicate with each other. It creates a channel to deliver your requests to the provider and bring back the responses to your end.

As FinTech companies in India are booming with the fast adoption of technology in the financial space, APIs have become significantly impactful for modern FinTechs. APIs enable financial service providers like banks, financial intermediaries, etc. to connect and safely exchange data with users including websites, merchants, customers, partners, etc. This has resulted in an explosion of new apps, business models and financial services in India.

Scope of FinTech APIs in India

APIs are being increasingly adopted in the Finance industry. The industry has 3 major stakeholders - banks and payment companies, merchants, and customers.

In order to stay competitive and provide ease of service to the customers, banks and payment companies need to connect with third parties. For instance, banks need to connect with e-commerce websites to offer customers the facility of easy payments

Similarly, merchants and partners want to create a seamless experience for their customers, be it online or offline. And so, they want to connect with payment portals to do the same.

Customers want to be able to transfer funds easily and make faster payments. They also want to perform personal banking tasks from the convenience of their home. Not only this, but APIs also make it easier for developers to create newer apps and services easily, in a more cost-effective way.

APIs help these stakeholders achieve all their goals by giving FinTech companies access to real-time data. Banking APIand DMT API providers like Swift Money do this task effectively.

Why Swift Money API?

Swift Money is one of India’s most reliable DMT API providers. Just like banks, Swift Money APIs are secure and tested for accuracy. Here are the major reasons why partners rely on Swift Money APIs:

Final Words

APIs have brought a revolution in the financial industry. They are being increasingly adopted by major financial service providers in India making it easier for all stakeholders to connect with each other. Swift Money is a trusted brand that provides customers with an easy-to-use, feature-oriented and detailed list of services and products in Money Transfer and API solutions. Hence, contributing to the growth of the Indian financial industry.