Considering the mind-bending level of competition in the FinTech space today, the rise of the API may raise some eyebrows. After all, if a company has worked so hard to develop some type of financial technology, why would they want to lend that technology out to just about anyone?
But the rollout of APIs from financial services and technology giants like Standard Chartered and Citigroup is a chance for the FinTech space to achieve greater levels of collaboration and innovation. Plus, there is a competitive edge to the tactic, enabling the owners of these technologies to see their solutions integrated into more services, reaching more end users.
B2B payments company Payoneer is one of the latest firms to use this strategy. Earlier this month, the firm announced the rollout of its own API that allows software companies that target the SME space to integrate Payoneer’s cross-border payments capabilities. Offering an API means Payoneer’s global corporate payments tools can be
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