For any technology startup ideation, one of key aspect is to build workable solution and that can happen only through building solution with right specification & integration mechanism.
API Sandboxes play important role in providing such ecosystem where APIs are hosted in test environment and early startups can understand construct of APIs and select right APIs for their solution. Most of Banks/FIs and financial institutions such as VISA have decent sandbox environment, but these are targeted to startups who can build solutions around their APIs.
So, it becomes more important to have global API sandbox environment where APIs from various sectors such as Banking, Insurance etc are available across all segments including payments, lending, wealth, regulatory etc.
This kind of setup will not only be helpful to early stage startups, it would be helpful for grown up startups who wants to scale up their solution or wants to add new features..
In addition, it provides platform for financial institutions like banks and others also to address technology solution for any problem statement that they may be facing
Lets understand what such platform can bring to ecosystem
- Platform for API providers from across ecosystem to host APIs to make it one stop setup for startups
- Publicly available environment to bring use cases and collaborate to develop solutions
- Will create playground for developers to learn and experiment with APIs
- Startups can go on to build solutions in iterative manner in agile manner in building right fit solutions
Head of Consulting
The Digital Fifth