API: driving innovation in 2022
APIs are the key driver of fintech innovations into the frontier of the Fintech landscape. API integration stands in the base for such innovations as Open Banking and BaaS services that obviously predetermine the direction of the payment landscape in 2022.
According to a Research and Market report, by the end of 2024, the global API management market size is expected to rise from $3.02 billion in 2019 to $6.2 billion by the end of 2024.
API is the mere example of how simplicity meets disruption and penetrates into the whole industry by means of more agile and convenient tools to meet customer requirements and enable value for clients.
API enables the communication and data connection between participants of the financial transactions - financial institution accounts, fintech companies, and non-financial companies.
Due to APIs, non-financial companies are able to access payments services, in other words, any service that potentially can be provided by the bank can be provided by a business with a financial license. Before API they had to invest resources in establishing payment services even for partnerships with fintech while API removes this barrier and enables them for more integrated and speedy activities.
The reasons why API dominate in 2022:
Agility and flexibility
- API in Banking and Finance enables Financial services providers to have more flexibility to provide the best features and services to streamline their services, thereby creating a surge of competition and innovation in fintech products. The key aspect that lies in the principle of API in Banking in Finance is partnership and collaboration. In a mean, APIs play the role of business boosters when companies can integrate with API providers and expand their services. It allows them to rapidly adapt to different business needs and increase productivity.
New business payment models
- API form a new model of payment transactions interactions promoting the establishment of a new type of payment business model where the companies aren’t just the serviced customers that use the proposed payment services for their consumers but are one of the main participants of transactions, where business becomes a bank. API is the backbone that supports that models supporting the integration of non-finance companies and their transition into the range of active participants of payment transactions.
- There are obvious advantages that API offers. API provides an additional layer of security and flexibility in regulation matters because the compliance and authentication checks performed by the API diminish the number of redundant verifications that slow payments down.
- APIs enable the companies to center the services around the customer experience. It’s obvious that a satisfied customer is one of the key elements in driving business development. APIs and expanded technology opportunities prompt for an improved and seamless customer experience.
The APIs are one of the key components of payment transactions nowadays. API not only transforms the payments but also brings numerous benefits to customers as GUAVAPAY API does. Here are the main benefits of GUAVAPAY API.
GUAVAPAY API focuses on streamlining the payment process lifecycle bringing in immediacy and agility by streamlining operations and provides real-time online reporting, payment initiation, and tracking,
Guavapay API structure enables the direct connection to our payment infrastructure, which secures your time and provides you with real-time payment processing with compatible operating costs and fees.
Flexible API Infrastructure empowers our customers on fast integration to support their custom payment workflows, reports and real-time status updates.
We provide direct access to global currency accounts without leaving your platform, and the opportunity to open new accounts instantly within your platform enabling seamless cross-border collection and payments network
A full range of business features on APIs generates endless possibilities for our clients.
- Create accounts in different currencies
- Get the list of your accounts
- Get a statement of your accounts for balance reconciliation and accounting purposes.
- Make SWIFT, SEPA, BACS, CHAPS, Faster Payments.
- Monitor payment statuses and receive notifications.
- Open and manage sub-client accounts.
Сonsumer behavior and early adoption of new technology are set to transform the financial services market. APIs are one of the key components that bring finance into a new era to speed up services provision process fully disrupt the payment technology landscape.