Citi has announced the launch of a new Developer Hub and set of banking APIs. The new Citi Global Developer Hub provides a suite of APIs developers can use to build financial applications that benefit Citi customers. The Citi Developer Hub includes eight different API products (closed beta) that provide access to Citi platform capabilities such as account management, peer to peer payments, and money transfer to institutions. Services are currently available in three markets (Singapore, Australia, and the United States).
The Monetary Authority of Singapore (MAS) has also announced the launch of a new set of APIs available on the MAS website. The MAS APIs provide access to data from the MAS Monthly Statistical Bulletin such as exchange rates, interest rates of banks and finance companies, and domestic interest rates.
The timing of these announcements is not coincidental. Citi Singapore is working with the MAS to develop a global API initiative. Sopnendu Mohanty, chief FinTech officer of the MAS, is quoted in the press release:
"We are delighted that Citi Singapore is playing a leading role in developing and launching this global API initiative during the Singapore FinTech Festival which is held from 14-18 November 2016. This will encourage open collaborations with the FinTech community and potentially deliver better financial services for customers, as well as re-affirm Citi's thought leadership in shaping the future of financial services."
One of the reasons Citi launched the global API Developer Hub is to enable interoperability which is key to extracting the full potential of FinTech collaboration between banks and nonbanks. A number of multinational FinTech standardization initiatives are currently in development. Launching the global API Developer Hub allowed Citi to get the ball rolling when it comes to these initiatives.
Citi provided ProgrammableWeb a quote from Carey Kolaja, global chief product officer, Citi FinTech, who says that:
"The Monetary Authority of Singapore has been very supportive of open collaboration between banks and the FinTech community. We decided that the inaugural Singapore FinTech Festival was the perfect opportunity to unveil the global Citi Developer Hub. What differentiates Citi from many other banks is our globality. While we’re headquartered in the US, our customers’ needs are borderless. Launching this Developer Hub in Singapore with APIs from multiple countries illustrates our global approach to developing solutions for our customers."
Citi plans on developing additional APIs in the future and the company is looking to the developer community and partners to provide feedback as to what use cases would be best to tackle next and what customer problems need to be addressed. "The Citi Developer Hub is a core component of Citi’s Global Open Banking strategy which will enable greater speed to market, agility, and innovation through partnerships and strategic alliances for the benefit of our customers," says Kolaja.
Developer interested in using Citi APIs can apply for access at https://developer.citi.com.