A number of fintech vendors, data providers, service providers and accelerators, have partnered together to launch the #FintechRevolution API ecosystem. The intention is to connect developers and allow them to build on top of best-of-breed financial APIs, while also promoting transparency of research and data between fintech promoters. As startups continue to integrate with financial institutions to simplify and enhance processes, these APIs could be a huge piece of the fintech global spread and an enhanced user experience.
Fintech is currently experiencing significant growth. Investment globally has tripled, growing to over $12 billion in 2014, according to a study by Accenture. A new de-facto ecosystem, made of interlocking APIs and services that are used to power a new generation of financial applications, is developing. The common benefits of APIs are simplification, automation, creation of a rich user experience, and a dramatically lower cost structure for the industry. The #FintechRevolution Ecosystem is a formalization of that ecosystem that allows users to take advantage of the best fintech APIs available while helping member firms collaborate and grow.