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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Bank for International Settlements. (July 1, 2022). Key motivation for the implementation of application programming interface (API) in payment systems across the world in 2021 [Graph]. In Statista. Retrieved September 11, 2024, from https://www.statista.com/statistics/1386048/drivers-of-adopting-api-in-payments/
Bank for International Settlements. "Key motivation for the implementation of application programming interface (API) in payment systems across the world in 2021." Chart. July 1, 2022. Statista. Accessed September 11, 2024. https://www.statista.com/statistics/1386048/drivers-of-adopting-api-in-payments/
Bank for International Settlements. (2022). Key motivation for the implementation of application programming interface (API) in payment systems across the world in 2021. Statista. Statista Inc.. Accessed: September 11, 2024. https://www.statista.com/statistics/1386048/drivers-of-adopting-api-in-payments/
Bank for International Settlements. "Key Motivation for The Implementation of Application Programming Interface (Api) in Payment Systems across The World in 2021." Statista, Statista Inc., 1 Jul 2022, https://www.statista.com/statistics/1386048/drivers-of-adopting-api-in-payments/
Bank for International Settlements, Key motivation for the implementation of application programming interface (API) in payment systems across the world in 2021 Statista, https://www.statista.com/statistics/1386048/drivers-of-adopting-api-in-payments/ (last visited September 11, 2024)
Key motivation for the implementation of application programming interface (API) in payment systems across the world in 2021 [Graph], Bank for International Settlements, July 1, 2022. [Online]. Available: https://www.statista.com/statistics/1386048/drivers-of-adopting-api-in-payments/
