Realising the power of APIs in financial services – a SWIFT paper
SWIFT, the world’s leading provider of secure financial messaging services, has today published a paper that outlines the potential for Application Programming Interfaces (APIs) to transform international finance, and details how SWIFT is leveraging APIs as part of its strategy to enable instant transactions anywhere in the world.
APIs are the firepower behind many of today’s most popular online products and services, connecting and exchanging data between applications and web servers. SWIFT has been a leader in unlocking the potential of APIs for years having launched their first API in 2017. Since then, adoption and usage of the SWIFT API channel has grown significantly with more than two billion API calls made over SWIFT in 2020 – a 120% increase year-on-year.
As revealed in the report, SWIFT will continue to harness the power of APIs to facilitate instant, on-demand information and transaction services across its network as it becomes an open, two-sided platform. SWIFT will enable its community of over 11,000 institutions to connect to the enhanced platform through its own API channel, while also providing members access to innovative services available through community-developed APIs and even third-party APIs.
You can download the full paper here.