BBVA API Market
Technology, in its many manifestations, has always driven social and economic changes. The way we interact with others, the creation of different business models around or implying them. These changes are sometimes abrupt and some sectors may take time to assimilate them.
This is the case of finance; a giant that moves slowly but surely. It knows that faster and more agile technology is there moving around to spearhead new changes. Today there are many interesting projects in the world of technology that are beginning to have an impact on everyday life.
In terms of finances we have Kantox. A Spanish company that deals with exchanging currencies between firms without the need for a bank to act as an intermediary in the transaction. In fact, peer to peer loans are becoming more common. A company provides a loan to another in a completely legal way and without the need for a middle man.
Another problem, I see this a lot with my girlfriend, is sending money home when you live abroad. Services such as TransferWise are engaged inperforming this procedure without having to pay the fees that are usually charged by banks, and the savings can be quite significant.
Also related to finance, there are initiatives such as Square, a payment collection service looking to compete with Visa, Mastercard and Paypal in providing a tool so any seller can have its own system. What is needed? A smartphone and a headphone jack, as the device that reads the credit cards connects to it.
Technologies are revolutionizing the world of banking and finance and are changing everything that was not working as we liked. This is an adaptation period where this giant will absorb all these changes to make them parts of its movements.
You no longer need to go to a bank branch to open a bank account. APIs allow you to complete this and any other banking operations without leaving your company's own platform, with a fully integrated experience.
The metamorphosis of the financial sector is a reality. “Our environment is evolving, not only because of the entry into force of PSD2, but also because of the introduction of new disruptive business models thanks to new technological capabilities that allow us to do things differently and generate value for the client,” explained Ana Climente, head […]
Is it a bank? A service platform? A factory of financial products? A distributor? Does it sell or buy information? All this and more. APIs are revolutionizing the world of banks and are set to transform banking into the largest operations scalextric imaginable.