Drivers to use APIs in payment systems worldwide 2021

The most important driver for roughly nine out of 10 payment system providers such as central banks to implement APIs was to increase efficiency. This according to a survey held among such providers over the course of 2021, specifically asking for strategies behind the adoption of such application programming interfaces. The source states the notion of efficiency reflects one of the key features of APIs, namely their ability to automatically request data pulls. Other perceived benefits focused on the potential of APIs to help connect different applications and exchange data from one system to the next. This would help further develop cross-border payments.