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The API revolution has come to finance and it’s been nothing short of transformative. Where just a few years ago there were only a handful of fintech startups, the space has exploded in recent years, producing dozens of fintech successes (with more to come as banks open themselves up to collaboration). A big part of fintech’s success has been driven by the power APIs so as an API platform ourselves, we thought we’d highlight some of the fintech APIs that have helped push the industry to new heights.
When Wealthfront announced that they’d be using Apex Clearing as their custodian it raised some eyebrows. Since then, Apex and their all-online capability has become an integral part of the roboadvisory space. Now partnering with Betterment, Robinhood, and Personal Capital, Apex leverages their “ALPS API” to allow users to automatically enter, review, and settle account transfers between financial institutions. This helps to standardize transfer procedures, reduce operating costs, and speed transaction settlements.
The Dwolla API provides businesses an easy on-ramp to the ACH system using as little as four endpoints. Despite its simplicity, Dwolla’s ACH API allows payments partners to deploy a powerful bank transfer infrastructure into their native platforms. From facilitating ACH payments to verifying customer and bank account information, Dwolla’s API makes a notoriously complicated process easy to integrate into your existing business operations. Instead of charging a per transaction fee, Dwolla works with businesses to determine the right price for your business needs.
Founded in the 1990s by a duo of computer science and economics PhDs, Oanda has been active innovators in fintech for nearly two decades. Best known for their award-winning fxTrade platform, they also offers access to a RESTful API that can be used to develop customized apps and trading strategies on top of their trade platform. If you’ve ever fantasized about creating your own algorithmic trading strategy then OANDA’s RESTful API was built for you.
While PayPal famously paved the way forward in payments, Stripe has refined and perfected their business model enabling users to accept, keep track of, and schedule payments online. Created with the developer community in mind, Stripe has phenomenal documentation as well as a reputation for being ready out of the box, which means integration is painless. Lastly, Stripe offers robust multi-currency support, which means that even local businesses can think global.
While there’s no shortage of identity verification systems in the market today, only one has a truly global reach — Trulioo. Trulioo’s instant identity verification service helps combat fraud and enhances compliance systems by providing identity verification to more than 60 countries around the world. By leveraging their API, companies can ensure that they adhere to anti-money laundering (“AML”) and know your client (“KYC”) rules regardless of geography.
If you’re looking for market data, look no further than Xignite. Whether you’re looking for trade data such as pricing and volume on stocks, bonds, options, or futures, or if you’re looking for corporate earnings information like net income from the income statement, Xignite has you covered. With more than 43 distinct APIs, they can provide accurate and trusted historical financials, fundamentals, earnings and more across more than 170 global exchanges.
Last but not least, Quovo is a financial data platform providing industry-leading APIs, modular applications, and innovative solutions to the next generation of financial services. Our flagship Aggregation API enables users to sync client accounts, pull current positions, as well as transaction histories. Hundreds of financial institutions, advisors, and fintech companies utilize Quovo technology as the foundation for their service offerings, aggregating and integrating millions of daily transactions.