Leading financial services providers are connected to each other, and Application Programming Interfaces (APIs) are the connection mechanisms. Corporate credit unions must operate seamlessly in the financial services ecosystem and embrace integration that facilitates speed and agility. The API guidelines define our standards and requirements for API software development.
Purpose
Integration and interoperability (i.e. open banking) are key components in the strategy. The number one driver for interoperability is the need to interact with business partners, application providers, members, and partners. An API enables interoperability between diverse systems and software. APIs obfuscate systems innerworkings, while providing structured data or functional access with only API knowledge. APIs make interoperability faster, easier, and cheaper. Member facing applications, cloud
, and mobile applications are driving API usage and growth. APIs offer a way to share data and process information from our platform, with back-end applications and databases, service providers, and vendors. This data sharing reflects the importance of the systems interoperability to our business. Although API techniques vary, we prefer modern API techniques when choosing applications, service providers, and vendors. The widespread growth of APIs is driven by the need for speed and agility and has become a universal requirement. APIs have become a mainstay in supporting high velocity integrations. The rapid changes in financial services today are made possible by the API economy. In hyper-integrated ecosystems, it is clear API usage will only continue to grow over time.
Specifications
APIs enable our organization and partners to leverage data and present it in an easily consumable manner. APIs also allow for application development for our operations and service to our members. We are an API provider and API consumer. Our API specifications follow the Open Banking Standard.
Data
API design and availability provide Beastro full data access to data stored in applications and databases with partners, vendors, and service providers.
Software Application Integration
Our software selection requires applications provide a modern, open API (e.g. RESTful API). We give preference to application providers that follow the Open Banking Standard.
Partners, Services Providers, and Vendors
Our selection of service providers and vendors requires tight integration through a modern, open API (e.g. RESTful API). We give preference to partners, vendors, and service providers that follow the Open Banking Standard.
Reference: APIs for dummies: five easy ways to know more about them and What are APIs and how do APIs work?