While some folks tend to think about APIs are being little bits of arcane code that only developers care about it, the truth of the matter is that billions, possibly even trillions, of dollars are at stake in what will soon be a series of API wars. In no place is this more important than in mobile banking, where companies ranging from Google, the PayPal unit of eBay and lesser known entities such as MineralTree are all vying to usurp the role of traditional financial institutions.
Over on Crowdfund Insider, JD Alois has published a news report about South Korea's Fintech Open Platform; an open API program that's looked after by South Korea's Financial Services Commission (FSC)and that has received the support of over 40 financial instituations operating in South Korea. The
Banking apps, and their ecosystems, offer banks a multitude of new revenues streams, as well as help to broaden partner and user bases. For those less convinced of app viability, a cursory glance at market trends should be convincing enough