The API Exchange (APIX) is an online open-architecture program launched by the AEAN Financial Information Network (AFIN), an organization that supports financial innovation on a global scale. It allows financial institutions and FinTech firms to connect through a globally curated marketplace to engage in collaborative experiments in a sandbox alongside other financial industry participants to integrate and test solutions together in the cloud.
What fuels the demand for this innovation? Financial markets are rapidly evolving in response to an environment that is defined by digital transactions, changing the way consumers save, borrow, pay, and lend. In underdeveloped and unbanked regions around the globe, this shift creates problems in financial accessibility and growth for the world’s most underserved populations. Disruptive technologies such as APIX are delivering greater efficiency in banking that is reflective of the ever-changing financial landscape.
APIX is part of an effort to bring together an ecosystem of participants crowdsourcing their collective brainpower to connect, scale and fund financial innovation. Through the APIX platform, Fintechs and financial institutions are engaging in meaningful dialogue to promote digital innovation and empower financial inclusion, while fostering safe testing and experimentation with digital solutions.
The API Exchange (APIX) is making significant contributions to the global economy: