To offer users throughout the world (not just in Latvia) the latest digital solutions for finance, app developers have to work in tandem with banks. This cooperation is structured around the use of application programming interfaces, or APIs. An API is a secure tool that takes a request from a client of the bank and exchanges specific data between the bank and financial technology companies.
BlueOrange is among the first banks in Latvia offering an API to developers
The BlueOrange Open API exchanges information between the bank and application services upon a client’s request
The BlueOrange Open API is continually expanding and developing to offer cutting edge solutions
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Things to consider
An API (Application Programming Interface) is a way to connect a variety of services and exchange information in a secure framework.
As of January 2018, Latvia starts to implement the EU Payment Services Directive (PSD2), which requires each bank to provide third party access to a payment API. The goal of this directive is to facilitate fair competition among financial technology companies on the EU market and provide residents access to more new solutions.
The BlueOrange Open API guarantees data security. It will only process the data of clients that are authorised using Digipass code calculators issued by BlueOrange.
Clients of the bank will stand to gain the most from this process, as tried-and-true internet banking becomes supplemented with useful web-based and mobile apps for managing one’s personal finances. For fintech entrepreneurs, the API is a great opportunity to reduce development and integration costs.