API
TechnologyApplication Programming Interface
Definition
An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. In Open Banking, APIs enable third-party applications to access bank account data and initiate payments with customer consent.
Related Terms
Frequently Asked Questions
What is Application Programming Interface?
An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. In Open Banking, APIs enable third-party applications to access bank account data and initiate payments with customer consent.
What does API stand for in Open Banking?
API stands for Application Programming Interface. It is a fundamental concept in Open Banking and PSD2 regulations. An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. In Open Banking, APIs enable third-party applications to access bank account data and initiate payments with customer consent.
How does API relate to Open Banking?
Application Programming Interface is a key concept in the Open Banking ecosystem, falling under the Technology category. An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. In Open Banking, APIs enable third-party applications to access bank account data and initiate payments with customer consent.
More Technology Terms
API Data
API Data is data made available to an API User or a TPP through the APIs. This includes account info...
LOS
Loan Origination SystemA Loan Origination System (LOS) is software that manages the end-to-end lending lifecycle: applicati...
OAO
Online Account OpeningOnline Account Opening (OAO) is digital onboarding that lets a customer apply for and open a new dep...
OLB
Online BankingOnline Banking (OLB) is the digital banking channel where customers or members sign in to view balan...
Open API
Open API / Public APIAn Open API or Public API is a free-to-use, publicly available application programming interface tha...
Read/Write API
Read/Write APIs enable third party providers, with the end customer's consent, to request account in...
Explore More Open Banking Resources
Dive deeper into the Open Banking ecosystem with our comprehensive directories.