Banks need APIs and app ecosystems, right?
That’s what services such as Yodlee and Open Bank Project have been arguing for years, but precious few banks have traveled that road. One that has is Silicon Valley Bank, which bought the banking API startup Standard Treasury last year.
Why does a fintech startup need an API from a bank? Primarily to access data (usually anonymized) or bank payment or transactional services.
Four APIs are currently featured on the BBVA site:
- PayStats: aggregated data of BBVA cards purchases that can be used for business intelligence.
- Connect: Enables BBVA clients to give an app consent to access BBVA services in their name.
- Accounts: Allows pre-authorized users to access key account data for enhanced financial management services.
- Cards: Allows integration of a users’ pre-authorized bank card data to improve ecommerce.
Fintech startups interested in connecting to BBVA APIs via the API market can do so here.
UPDATE: BBVA reached out to clarify that in the U.S., the alpha trial is launching with two APIs, Accounts and Security.
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