Benefitting from the extensive expertise and experience of its founder, Edgars Lasmanis, Walletto is a leading e-money institution. This article will look at Application Programming Interfaces (APIs), the connective tissue of the digital world, exploring how they make it possible for businesses to plug into and build onto other technological innovations.
APIs facilitate the seamless, smart, omni-channel experiences demanded by today’s discerning customers, as well as serving as a standard for companies to exchange data. Today, it is no longer necessary for companies to own an entire value chain. Instead, they can focus on just a single link in the chain, relying on existing APIs to fill in the rest of the picture. In this way, multiple building blocks can be used to create a single proposition that offers the customer value. It is in this way that APIs deconstruct conventional value-chain thinking.
APIs expand opportunities for innovation in commerce experience design, enabling companies to combine their own APIs with external building blocks to create new solutions more efficiently than ever before. APIs are also a more efficient and scalable distribution channel, with a good API platform enabling companies to deliver sought after capabilities and more comprehensive products.
The API economy is driving digital transformation, essentially making the modern digital world go round. Simultaneously revolutionising customer experiences and raising consumer expectations across a variety of different industries today, APIs can be used to drive customer service communications in ecommerce apps, authenticate logins on banking apps, and bring maps to fitness-tracking apps.
‘APIs guarantee fast and seamless integration, allowing companies to launch new products on time,’ said Edgars Lasmanis, Walletto co-founder.
In terms of modern software development, the benefits of APIs are manifold, powering the shift from outdated on-premises software to cloud technologies and fuelling microservices-based applications. By breaking solutions down into function-based components they become much easier to maintain, enabling individual developers and teams to assume responsibility for a specific link in the chain.
From a business owner’s perspective, the advent of the API provides a variety of different benefits in terms of increasing business agility and upgrading, maintaining and scaling their software. APIs enable companies to easily and expeditiously build services and products that would otherwise be too difficult and time consuming to produce, as well as enabling developers to access business-critical data.
Teams with access to paid and open source APIs can accelerate application development, removing many manual processes. The API economy has helped businesses to improve efficiency and profitability, optimising resources and paving the way for new revenue opportunities through a wider digital ecosystem.
