API
TechnologyApplication Programming Interface
Definition
An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. In Open Banking, APIs enable third-party applications to access bank account data and initiate payments with customer consent.
Related Terms
Frequently Asked Questions
What is Application Programming Interface?
An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. In Open Banking, APIs enable third-party applications to access bank account data and initiate payments with customer consent.
What does API stand for in Open Banking?
API stands for Application Programming Interface. It is a fundamental concept in Open Banking and PSD2 regulations. An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. In Open Banking, APIs enable third-party applications to access bank account data and initiate payments with customer consent.
How is API used in Open Banking?
Application Programming Interface is a technical standard or specification used in Open Banking implementations. It helps ensure secure, standardized communication between banks, third-party providers, and applications.
More Technology Terms
API Data
API Data is data made available to an API User or a TPP through the APIs. This includes account info...
Open API
Open API / Public APIAn Open API or Public API is a free-to-use, publicly available application programming interface tha...
Read/Write API
Read/Write APIs enable third party providers, with the end customer's consent, to request account in...
OAuth 2.0
Open Authorization 2.0OAuth 2.0 is an industry-standard protocol for authorization that enables third-party applications t...
OpenID Connect
OpenID Connect is an identity layer built on top of OAuth 2.0. It allows clients to verify the ident...
CIBA
Client Initiated Backchannel AuthenticationClient Initiated Backchannel Authentication (CIBA) is an authentication flow that enables a client a...
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