ROCKY HILL, Conn.–Payveris, a provider of next generation API centric digital payment solutions, announced it has published a new, free white paper offering insights on how financial institutions can use APIs to compete more effectively and deliver more relevant services to its customers.
The white paper, based on research commissioned by Payveris, explores the strategic business implications of APIs in banking and is intended to further non-technical decision makers’ understanding of the importance of APIs in delivering competitive banking services and to launch a serious discussion about the future of the financial institution; specifically, how financial institutions can address the relentless onslaught of competition for consumers’ business and loyalty, and remain at the center of commerce, the company said.
Key insights from the white paper include:
- Outlining the basic definition of an API;
- Discussing APIs uses in retail banking;
- Analyzing the competitive advantage of using API technology;
- Debunking security concerns and myths related to APIs;
- Describing the relationship between core processors and specialty FinTech providers.
Additionally, the white paper outlines the challenges related to legacy technology, while offering insights into to the relationship between millennials and their financial institutions, examples of APIs currently in use, the competition between financial institutions and alternative payments providers, as well as future banking trend predictions.
“Our new white paper addresses the broad range of uses for API technology and clarifies many of the industry’s questions related to this innovative technology,” said Jeff Weikert, president of Payveris. “It offers a comprehensive look at API technology and how financial institutions can leverage its advantages to create more relevant services for their consumer and business customers.”