Digital Banking > Best API
The Fintech Open Source Foundation (FINOS) is an independent 501(c)(6) nonprofit organization whose purpose is to accelerate collaboration and innovation in financial services through the adoption of open source software, standards and best practices.
In the financial industry, lack of interoperability between applications results in inefficient manual processes, which frustrates end-users and increases operational risk. FINOS delivered the first version of FDC3, which addresses this problem by bringing standards to the financial desktop to support modern workflows, similar to the mobile experience, for sharing and discovering applications. FINOS’ introduction of the standards has been widely covered in the media.
For further background, FDC3 is an open standard, which establishes APIs, protocols and taxonomies that enable true plug-and-play interoperability and discovery on the financial desktop without prior bi-lateral agreements between applications and containers. It helps enable greater interoperability, ease of use and modern workflows on the desktop for financial services professionals.
The APIs establish a baseline interface for interoperability between applications, standardizing how FDC3 enabled applications communicate. This enables them to take part in a workflow on the desktop without additional coding or manual integration. This makes it faster and easier to deliver an efficient, streamlined user experience.
All elements of the standard are fully open source and available on GitHub (https://github.com/FDC3). The API, and all elements of the standard have been collaboratively developed by a diverse group of financial markets participants. APIs, specifications and interfaces are available in open formats like YAML, TypeScript and JSON.