New tool provides the fintech industry access to multiple financial APIs in one interface.
TrueLayer, an Open Banking pioneer, has launched its upgraded Data API.
The upgrade enables fintech firms access to financial APIs through a single platform, instead of integrating numerous Open Banking APIs, and is, according to a TrueLayer, the first of its kind. Integrating with multiple APIs can be both time and cost demanding, burdens the Data API tool aims to reduce.
The platform includes Open Banking interfaces from challenger banks Monzo and Starling Bank as well as banking giants Barclays and HSBC, to name a few.
Vedika Jain, product manager at TrueLayer, said in a statement: “On the surface, this news is technical, interesting only to developers. Going deeper, it’s about more useful financial products being built, giving customers greater choice and a future where we all have access to the best financial services."
TrueLayer has already partnered and integrated with a number of companies to help improve their use of the Open Banking and PSD2 frameworks, which were introduced earlier this year. Its partners include Zopa, Canopy and Anorak with more names to be announced in the next 12 months.
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