API adoption in payments

The most important driver for roughly nine out of 10 payment system providers such as central banks to implement APIs was to increase efficiency. This according to a survey held among such providers over the course of 2021, specifically asking for strategies behind the adoption of such application programming interfaces. The source states the notion of efficiency reflects one of the key features of APIs, namely their ability to automatically request data pulls. Other perceived benefits focused on the potential of APIs to help connect different applications and exchange data from one system to the next. This would help further develop cross-border payments.

Key motivation for the implementation of application programming interface (API) in payment systems across the world in 2021

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Release date

July 2022

More information

Region

Worldwide

Survey time period

2021

Number of respondents

47 respondents

Age group

18 years and older

Special properties

payment system operators that either already use an API or planned to use one for

Supplementary notes

The source does not specify the exact type of survey conducted.

This question was phrased by the source as follows: "What were the key drivers for the API adoption/implementation?"

Multiple answers were possible.

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