top of page

Open Banking: The Development of APIs in the Financial Industry

The Digital Economy is transforming the strategies of the financial industry, forcing it to change its traditional business model for solutions that expand the functionality and scope of the services they offer to their clients. Thanks to emerging tools such as APIs, processes are being simplified and automated, aiming to provide a simple, easy and intuitive user experience.


APIs are a set of computer functions and protocols that allow developers to connect technological applications and processes with each other in an agile, secure, and scalable way, without the need to generate new programming codes.


There are two types of APIs: Open and Commercial. Open APIs are those that have a shared methodology and can be approved through regulatory entities and financial entities around the world. For their part, Commercial APIs use a particular interconnection between two or more entities with private-level characteristics.

Open Trust & Funds is the Service API Platform GESTOR Provides to its Clients.

Currently, companies in the financial sector are betting on the development of Open APIs, digitally transforming their business model and facilitating the offer of new services, as solution providers to other applications and companies.


In the following matrix, published by Innopay in August 2019, through its Open Banking Monitor, Banks that are part of the study are classified according to their level of experience in the development of Open Banking and their functional scope, into the following categories: Starters in Opening, Innovators in Functionality, Leaders in Experience and Masters in Opening.



There are many benefits that APIs bring to different businesses, however, fintech and banking are the sectors that benefit the most, since APIs allow cost and time reduction by implementing solutions to manage collections and payments, boosting the growth of the customer database, the exchange of information in real time, among other benefits. These are several of the advantages that allow these companies to implement new ideas to expand their ecosystem of products and services. Consequently, consumers or end customers improve their experience when making purchases and hiring new services through the use of fintech applications and Platforms that streamline the transactional process.


GESTOR has extensive experience in the development of APIs for clients who have required to integrate their ecosystem of technological solutions and automate their transactional processes.


GESTOR considers the development of the “Open Banking” Model in Latin America essential, because it will allow the creation of new business models that are currently operating in other regions and are energizing the global economy. For this reason, GESTOR has developed the Open Trust & Funds Services API Platform, to provide a higher level of automation to the daily operation of each client and integrate their ecosystem of technological applications, including the Gestor Ecosystem Solutions.


More information about the features and benefits of Open Trust & Funds at https://gestor.co/open-trust-funds/

7 views0 comments

Recent Posts

See All

Metrobank - New GESTOR Client in Panama

Metrobank Panama, has chosen GESTOR as its technological ally for the provision and implementation of our Gestor Trust (Cloud). Gestor Trust will allow Metrobank to automate its Administration and Gua

Opmerkingen


Opmerkingen zijn uitgezet.
bottom of page