API refers to Application Programming Interface, by means of which programmes can communicate with hardware or each other. APIs are generally used for exchanging data between two programmes over a public network. With an API you can, for example, get company information delivered directly to your enterprise resource planning so that you can immediately find the information from your own system. This way you can save time and working becomes more efficient.
Interfaces can also be used as building blocks, which enable entirely new innovations, products and collaboration between companies in different industries. One current example of collaboration are interfaces to bank account data. Due to EU’s Payment Service Directive PSD2, all European banks must make possible the processing of account data and payment transfers through interfaces. The purpose of the directive is to develop markets for electronic payment transfers and create better prerequisites for secure and efficient payment transactions.
APIs make it possible to optimise digital processes and communication of digital services with each other – and collaboration with new, innovative ways. This way you can strengthen your competitiveness while saving time and money by means of a more efficient process. Several processes can be automated with API connections, which facilitates the improvement of complex data processing and interpretation. With APIs you also make sure that your systems and registers contain updated, even brand-new data when you make your decisions.