The initial releases from credit card provider MasterCard look to be more than a toe-dip into APIs. With its MasterCard Payments API and two others, the company could be diving straight into the deep end. Though the services are still in beta, MasterCard appears to be taking very seriously its creation of a developer ecosystem.
The ripple effects of regulation such as the EU's PSD2 and Open Banking initiatives in the UK and APAC, designed to stimulate increased competition in banking, are being felt worldwide. But what do these changes mean in practice for developers seeking to build fintech apps to work with bank APIs?
It's come a long way from the Sears and Roebuck mail order catalog. Yet, the new API might bring wrench and dishwasher company Sears the closest it's been to its origins in decades. Developers can now search the entire product database of Sears and Kmart (the companies merged in 2005).