FinTech, which means Financial Technology, has become popular today. It is a financial industry that has emerged to improve financial services by integrating finance and technology and continues to develop today. Financial technologies, which were initially seen as a more technological version of traditional financial services and processes, have an importance far beyond expectations today.
So let’s examine it in more detail.
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What is FinTech
Financial technology, also known as FinTech, is a financial industry that aims to bring together the finance and technology sectors and to improve traditional financial services and processes through technological hardware and software. The main reason for the emergence of financial technology is that financial services and processes can be provided faster, better and at lower costs. Fintech, whose impact and usage area has expanded with the widespread use of the Internet and mobile applications, attracts much more attention from institutions today than expected.
With the development of software in the field of technology, many new solutions are being introduced in the field of financial technology, from simple wallet applications to comprehensive pre-accounting programs. Although there are services that are widely used by individuals among these solutions, there are also solutions produced especially for institutions. Thanks to these solutions, the life of customers becomes easier, while the workload of financial services institutions, especially banks, is alleviated.
What Solutions Do FinTech Firms Offer to Their Users
- Personal financial management
- Digital payment technologies
- Blockchain technology
- Cloud Based Software
- Corporate Finance
In addition, examples of FinTech that we encounter in daily life are as follows.
Online payment option: One of the first revolutionary moves in terms of payment transactions and money management was the creation of the online payment option. In this way, the need to physically go to a place in order to pay was eliminated. In this respect, e-commerce has benefited greatly from the online payment option introduced by FinTech, and it still does.
Mobile payment: In our age, where mobile devices have almost completely covered human life, payments have also become mobile. In this way, customers became able to shop and pay their bills via their phones.
Money transfer: One of the most important innovations and conveniences brought by FinTech is the ability to transfer money through digital banking and mobile applications. Thus, it became possible to transfer money from person to person in seconds. When we look at it today, most of the customers / users are transferring money via mobile.
Now let’s take a look at the best FinTech APIs you can use for your finance software.
Stripe is a San Francisco-based financial services company and online payment system (payment facilitator). Founded in 2010 by Irish entrepreneur brothers John and Patrick Collison, the company enables web developers to perform payment transactions over their websites and applications with API infrastructure.
The motivation for the establishment of the company is shown as the difficulty of credit card transactions in the relevant years.
MangoPay provides an end-to-end payment solution designed for convenient use in marketplaces and finance applications. It provides a highly secure flexible API for use in finance software.
MangoPay supports and manages multiple various currencies and payment methods.
Marqeta is a company that provides cards, wallets and other means of payment to businesses. Through Marqeta, businesses can issue credit and debit cards to employees. The company’s customers include Square, Uber, Instacart and DoorDash.
With the API provided by Marqeta, you can quickly integrate all financial management services into your system.
Plaid’s API software is often known as the constructive force behind fintech companies. It allows companies to connect users’ bank accounts.
Plaid’s high-profile clients include popular P2P payment app Venmo, mobile investment app Robinhood, and cryptocurrency exchanges Coinbase and Gemini.