Fintech Insights

Driving development: How APIs are accelerating innovation

Jordan Esbin | Director, Developer and Marketplace Product Management, FIS

February 14, 2022

Payments innovation and APIs go hand in hand. APIs are accelerating innovation at a remarkable rate, unlocking every party in the value chain. But developers expect more, having APIs alone is no longer enough. To ensure they result in a usable and differentiated service or product, APIs must be well documented. In fact, the documentation must be as good as the functionality of the API itself.

Today, an API platform needs to include an API gateway and catalog, developer portal, partner program, marketplace and real-time events. It also needs to provide a central access point to work with other solutions via APIs so financial institutions and fintech partners can easily integrate, leverage and deliver solutions across any digital channel and differentiate their experiences.

But differentiation isn’t the only way APIs serve financial providers. The APIs must be flexible yet powerful and designed to support speed to market. The best fintech API examples are smartly designed and publicly accessible so that they can easily integrated with other technology providers. Developers should be able to easily search the API library to find the building blocks they need to move quickly. These building blocks serve as the ingredients, with the developer brining the unique recipe. APIs are ultimately about the power to experiment, pivot and enter new markets.

Centralized and open API portals facilitate collaboration and partnerships with financial institutions and fintech companies across the globe to deliver cutting-edge solutions, enabling new streams of value for clients, partners and developers. Through this technology, developers can access solution-based APIs for nearly any need , including Banking and Wealth, as well as Fraud, Payments and Merchant. This technology creates a collaborative ecosystem between banks and fintech developers and allows for creation and delivery of a comprehensive suite of products, services and experiences that go far beyond traditional banking.

Developers can expand their creative reach while focusing on business goals using development tools that enable them to connect to systems and applications that expose functionality through APIs. Leveraging the digital ecosystems that connect them, they can deliver more value to a wider customer base in less time than ever before. Complex integrations are no longer needed to play in the digital world.

How FIS helps clients achieve their omni-channel goals

FIS clients who have switched to these types of solutions, such as Payments One, have experienced several exciting upgrades. Most notably, speed to market with new products and solutions and a lower total cost of ownership. By actively consolidating platforms, our clients are beginning to benefit from the “develop it once, fix it once” mindset. FIS can quickly pivot to get products developed and in market faster – that means less cost internally and to our clients.

Bringing together the total cardholder view into one best-in-class user interface has also equipped our clients with the ability to service their cardholders’ needs quickly and more efficiently. We give them a more in-depth view of buying behaviors and the assistance they need to stay on top of fraudulent activity. Through Payments One, we are enabling an experience for our clients with that will allow them to deliver on all the technology and solutions for running their businesses. As APIs continue accelerating innovation, we’re making it easier for our clients to keep up and continue doing smart and successful business.