The application programming interface, or API, has become one of the principal building blocks of the modern digital economy.
APIs are at the center of modern application architectures and system design; over 90% of the world’s internet traffic passes through them. For banks, APIs are the conduit that connects institutions to customers, partners and each other. Their responsiveness and agility drives innovation while dramatically lowering the cost of application development and integration. In addition to remaining competitive and innovative, API adoption and the microservices that use them are key to addressing regulatory requirements for open banking, such as PSD2.
But there’s a problem, and it’s a familiar one: With new technology, adoption tends to outpace security.