AsianBankingFinance: Open API banking
New framework, threats, and opportunities in Japan and APAC
In general, an API refers to a technical specification for operating a specific program by another program, and it defines command statements (commands and functions) used when the program is operated, a format of data to be transmitted and received, and the like. For example, many businesses today display a Google map when publishing their location on the website. This is realised by outputting map data (Google Maps) using Google's API (Google Maps API).
The origin of the API exists in the software industry, especially in an enterprise application integration (a method of building and controlling company-wide business systems). It was once a manner of system development for excellent software engineers. Today, the open API has become a business policy of outstanding business managers. In 2002, Jeff Bezos issued a mandate to all his internal development teams regarding how software was to be built at Amazon. All teams will henceforth expose their data and functionality through service interfaces; teams must communicate with each other through these interfaces; there will be no other form of inter-process communication allowed; it doesn’t matter what technology you use; all service interfaces, without exception, must be designed from the ground up to be