June 26, 2018
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BBVA and Sutor Bank have opened APIs to third parties on the heels of Capital One doing the same last week. They join a growing list of banks that are exploring open API platforms but, does this signal a trend? There are roadblocks to open platforms, namely the banks themselves.
Every year, Americans spend more than $3 trillion on healthcare, a figure that is projected to rise to $5 trillion in the next decade. With healthcare spending approaching 20% of the U.S. GDP, a huge effort is underway to control costs. Not surprisingly, many believe that technology has a key role to play in increasing efficiency and reducing unnecessary expenditures, and significant investments in technology are creating opportunities for healthcare technology businesses.
TD Ameritrade's open API, Veo, has been used to offer greater insight to traders through integration with third party applications and its own trading services (e.g. service accounts, process client data, money on demand, etc.). However, TD Ameritrade may have shown its true belief in the power of APIs with its acquisition of iRebal. By integrating iRebal's rebalancing software with the Veo API, TD Ameritrade is able to remove tedious, manual processes that typically appear with rebalancing.