In the past years, the financial sector has been digitally transformed, we could say one of the most. In short terms, the emergence of open banking has led financial institutions to use the famous APIs. What for? To offer more services that were not offered before and to automate others. Here we tell you what they are and what they are for.

What is an API?

The meaning of API is Application Programming Interface, it is an interface that allows you to connect the database of a service with another application. It’s like a bridge that connects point A to point B and facilitates data traffic with total security.

It must be taken into account that there are different types of APIs, for example:

• Open APIs: they are publicly available and allow developers to implement them.
• Private APIs: only internal developers have access to them, which means that those who have developed the API have total control over what and how.

For example, there are many companies that use Google APIs to integrate into their products, such as Google Analytics or Google Maps, among others.

And how has the financial sector taken advantage of this tool? Well, it must be said that banks already have a long history of using APIs, but for internal use. With the advent of open banking regulations and the emergence of the famous fintechs, open financial APIs are playing a key and essential role in the digitization of the financial sector.

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What is the relationship between the financial sector and APIs?

As we have already mentioned, each API offers a specific functionality, for example, in the case of Triple, what it allows is to implement the cashback programs of the brands within the banking applications.

How are banks and fintechs using the Triple API?

Before we go into detail. Let’s break down what our API is for:

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Who is it for?

Financial institutions.

What does it allow?

Rewards: Our technology enables the creation of automatic rewards programs fully integrated into banking and fintech apps.

Enrichment: Enrich transactions with brands, location and subscriptions.

Triple’s API basically allows banks and fintechs to avoid having to develop this service, simply by adding our API.

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The integration of our API is very easy, if you want to add in your financial application a rewards program service write to us and our team will get back to you as soon as possible.