What incentivizes banks to offer API access?

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1 points by sidjainla 1355 days ago

Hi all - I'm curious.. what's incentivizes banks to offer API access to their customers data?

They are enabling a whole generation of fintech companies to make a fortune, but what's in it for the banks?

Do fintech companies have to pay the banks a fee for each api call?

Thanks for your insight.

1 comments

stop50 1355 days ago

In europe: there is no fee i can think of, but the banks are required for having one. in germany its a bit more complicated, because there is the required API and Fints. Fints is essentially an API for homebanking. You can send money, check your balance and all programs are able to talk with every bank that uses it.

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