The term has recently gained popularity; we may already be aware that reading or listening to connotes solutions and benefits, but do you know what an API is?

Application Programming Interface

A web API, also known as an Application Programming Interface, is a set of computer methods, definitions, and functions that developers use to create software platforms that can communicate with one another.
That is, it is an interface that allows programs, networks, and applications to be integrated, interacted with, and used by others in another location. It’s a method for promoting data flow digitally.

The goal of this application integration is to automate activities while also promoting and improving the efficiency of new functionalities with each established connection. A web API could be thought of as a “wire” for remote control or data transit, or as a shortcut from one site to another, if we had to make an allegory of its operation.

It can be done in a variety of programming languages, including XML, YAML, and JSON, which typically coexist in APIs based on the REST architecture (the most popular), which is very simple, straightforward, and can standardize and unify various languages to create requests and receive responses.

APIs and their applications

There are 4 types of these interfaces for application integration, according to their use.

APIs used by the operating system

It is a set of interfaces that are part of the operating system and are used to properly control the use of resources by the programs and applications installed on it.

Data APIs

They are the ones who provide access to third-party databases to SaaS companies or companies that operate with a lot of data so that they can reuse them for their purposes.

Web APIs

The most common sort of interface is a web API, which allows multiple devices to interpret and move data across systems and web sites.

Remote APIs

It is the exchange of information and resources between interfaces that are not physically present in the requesting device. The cloud or some streaming services are examples of this.

Web API in the financial field

Given our understanding of what an API is and how it may be used, it is not uncommon for financial institutions to use these tools to obtain information on their customers in this area.

Not only can an API give a complete financial record of people who ask for loans, but it can also be used to produce a credit report, assess risks, and create payment capacity and financing plans using Artificial Intelligence and Machine Learning.

In other words, an interface like this allows you to develop a thorough profile of candidates while saving resources, time, and proposing solutions based on all of the available numbers and data.

It’s a tool for speeding up operations and recommending the best credit channels right away. For lending companies and SMEs, this is a solution in and of itself.

Using an API to obtain accurate financial records and solutions has never been easier, and CRiskCo’s API provides all of those benefits, plus AI analytics and real-time updated data. Learn it, put it into practice, and you’ll be on your way to the next level.