Financial APIs Continue to See Big Growth

Editor’s note: Be sure to check out our research on the overall growth of Web APIs since 2005. At the time of writing, this is the most recent data we have, but check the research page to see if we have a more updated article. We will be continually updating the overall growth chart with other charts getting updated on a less frequent basis.

In past years when we have looked at the fastest growing API categories, Financial services related categories have always ranked highly. This isn’t a surprise; Open Banking initiatives, the rise of digital forms of payment, the need for real-time market information and an ever-increasing customer demand for connected financial services makes this related set of categories an attractive space for developers. In this article we take a look at how much these categories have grown in recent years.

The first thing we did was to consider what categories aligned most closely with Financial Services. From the categories vocabulary within the central taxonomy that cuts across all of the content we publish on ProgrammableWeb, we settled on the Financial, Payments, Banking and Monetization categories to capture the APIs in this space as fully as possible.

We can see from the graph that there have been two points when growth took off; 2012 and the period between 2017-2019. The first matches up well with the overall growth we saw in our directory around 2012. The second one started around three years ago and deserves a closer look. A previous research article looked at the most popular API categories, including the Financial and Payments categories. At the time we mentioned that the “open banking trend is one that had been slow to happen but now seems to be moving at an accelerated pace. ProgrammableWeb analyst Mark Boyd has cited studies stating that ‘the majority of banks recognize that an open banking platform is the endgame for the industry.’ That recognition combined with regulatory pressure such as [the European Union-driven Revised Payment Service Directive] PSD2 (with a January 2018 deadline) has meant that more Financial APIs than ever are now being released.”

The data would seem to back up this argument. For the 2017-2019 time period, we have seen an average of more than 600 Financial APIs added per year. The table below shows the number of APIs across the Financial, Payments and Monetization categories that were added to our directory.

APIs Added
(Financial, Monetization, Payments, Banking)
2005 3
2006 14
2007 12
2008 71
2009 83
2010 93
2011 137
2012 487
2013 366
2014 314
2015 231
2016 431
2017 745
2018 437
2019 646
(through July)

Financial related APIs look like they will continue to experience growth for the time being. If you are an API provider, adding a listing in our directory is a great way to improve the discoverability of your APIs and raise awareness of your program. If you would like to include your APIs in our directory, you can use the link below.

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Author: <a href="">wsantos</a>

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