Open API is a recent trend in the BFSI space. Here, this technology can enable financial institutions share data with one another, typically through a third party application.\r \r It can also help customers access banking information and real time updates through various mediums such as mobiles, personal computers, etc. \r \r As competition between fintech startups and traditional banks rises, banks have been opting for Open APIs to adopt a digital ecosystem and integrate more globally.\r \r According to a report by McKinsey, over 12,000 fintech startups globally are competing with banks for up to $1 trillion in profits, of which up to 60% are at risk, in the following five retail businesses: consumer finance, mortgages, small-business lending, retail payments and wealth management. \r \r For companies, API banking platforms, such as Cashfree, can help businesses send money round-the-clock and access their bank accounts when integrated with their product, preventing the tedious task of uploading files on corporate banking portals.