APIs are programming interfaces that provide a link to other software programs and facilitate the swift exchange of information. In short, programs/applications can access functions of external applications or companies via APIs.
An Application Programming Interface (API) provides access to and/or from applications from external service providers. Specifically, it is a program (at source code level) that is provided by a software system in order to connect other systems/programs. Usually, the provision of an API also includes detailed documentation of the interface functions and parameters.
A major advantage of APIs is their suitability for whitelabel solutions: With the help of whitelabel APIs, companies can offer third-party services under their own brand and in their own corporate design (CD). The offering is then fully integrated into their service and conveniently offered to customers without requiring them to first set up an account with the API provider. At the same time, APIs enable technology companies (e.g. FinTechs, RegTechs, InsurTechs, etc.) to develop "unbranded" software solutions that they can sell directly to multiple companies.
In the era of open banking, open source and platform economics, almost every function of a company can be handled by external service providers. Because digital transformation is costly and time-consuming, it is rarely viable to digitize the front-end as well as the back-end and middleware itself. In addition, many of the challenges faced by service providers are similar across companies.
In the age of open banking, open source and the platform economy, almost every function of a company can be offered by external service providers. As digital transformation is costly and time-consuming, it is rarely viable to digitize the front end as well as the back end and middleware by oneself. In addition, many of the challenges faced by service providers are similar across companies.In response, countless so called X-as-a-Service (XaaS) have been developed, with X standing for everything from Software (SaaS) to Infrastructure(IaaS).
For example, under the Payment Service Directive II (PSD2), banks are required to grant third-party service providers (e.g., FinTechs) access to their customers' account data, provided they have the customers' consent. In this case, we speak of Access to Account (XS2A) - i.e., the ability of a financial institution to implement special online banking offers via corresponding APIs.
iVE.ONE offers ( in particular for whitelabel customers) a number of APIs that you can integrate directly into your web applications.