In the past years, the financial sector has been digitally transformed, we could say one of the most. In short terms, the emergence of open banking has led financial institutions to use the famous APIs. What for? To offer more services that were not offered before and to automate others. Here we tell you what they are and what they are for.
What is an API?
The meaning of API is Application Programming Interface, it is an interface that allows you to connect the database of a service with another application. It’s like a bridge that connects point A to point B and facilitates data traffic with total security.
It must be taken into account that there are different types of APIs, for example:
- Open APIs: they are publicly available and allow developers to implement them.
- Private APIs: only internal developers have access to them, which means that those who have developed the API have total control over what and how.
For example, there are many companies that use Google APIs to integrate into their products, such as Google Analytics or Google Maps, among others.
And how has the financial sector taken advantage of this tool? Well, it must be said that banks already have a long history of using APIs, but for internal use. With the advent of open banking regulations and the emergence of the famous fintechs, open financial APIs are playing a key and essential role in the digitization of the financial sector.
What is the relationship between the financial sector and APIs?
As we have already mentioned, each API offers a specific functionality, for example, in the case of Triple, what it allows is to implement the cashback programs of the brands within the banking applications.
How are banks and fintechs using the Triple API?
Before we go into detail. Let’s break down what our API is for:
Who is it for?
Financial institutions.
What does it allow?
- Financial entities: Integrate a marketplace based on rewards programs for their customers within the application.
Triple’s API basically allows banks and fintechs to avoid having to develop this service, simply by adding our API they will be able to show the rewards programs marketplace to their users.
And what results do they get?
- It allows them to improve the NPS score.
- They get increased activity within the application.
- Increase transactionality.
In addition to these three advantages, implementing cashback programs enables them to:
- Offer better conditions and services to their users.
- Position themselves in front of the competition.
- Obtain new customers and reactivate those already registered in the application.
Offer cashback programs by integrating our API
The integration of our API is very easy, if you want to add in your financial application a rewards program service write to us at info@jointriple.com and our team will get back to you as soon as possible.
