API in corporate and institutional banking (application programming interface in corporate and institutional banking)

Abstract

Purpose: аrticle is devoted to API – one of the digital technology that is proactively developing in corporate and institutional banking on global financial market. Discussion: banking industry is attuned to the need to manage the challenges of economic uncertainty and are preparing for the rise in risk margins. The industry is making efforts to become leaner and more robust, and many large banks have partnered with fintechs to develop and expand their services but at the same time we can observe the active involvement in creation your own digitalized infrastructure. Due to this fact, I decided to conduct a deeper study and analyze financial innovation such as API and determine the current opportunities of the technology and experience of corporate and institutional clients who face API in daily business conduction in foreign and Russian banks. Results: i revealed that banks are trying to develop itself and find appropriate digital solutions to their business specific and API helps to simplify many banking operations. Active enhancement and implementation of this innovation lead to offer the diversity of technological tools for clients and make banks more competitive and profitable.