Citi Opens APIs to Third-Party Fintech Developers
Citigroup has made some of its application program interfaces available for third-party developers.
The API Developer Hub was launched Thursday to foster collaboration and partnerships between fintech companies and consumer brands. Such portals allow developers to build their own financial services applications and client solutions that easily connect to Citi. Mastercard, Virgin Money and others are already leveraging Citi APIs to create customer solutions.
“The rapid pace of technological change demands transformation from the inside out and the outside in,” Stephen Bird, chief executive of global consumer banking, said in a news release. “By creating a collaborative ecosystem of leading brands and developers, we will be able to offer a complete suite of products, services and experiences to meet our clients’ financial needs today and in the future.”
APIs allow software programs to connect and share data with each other more easily. By using an open API, companies can build and design programs on top of an interface and save time, money and other resources.
Registered developers operating in the new hub receive tools to connect in a development sandbox and test their ideas.
There are four APIs currently available to developers: one that allows Citi customers to access their account summaries; an authorization API that gives customers secure access to their account data for more streamlined transactions; one that approves access to shared Citi customer profile information for deeper engagement; and the Pay with Points API, which allows an app to accept a customer's Citi rewards points to pay for their purchases.
The hub is open to developers in North America, Singapore and Australia.