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The abbreviation API stands for "Application Programming Interface". Most large companies at some stage develop APIs for customers or internal use.
An open API connected to a financial platform allows your business to offer connectivity and endless integration opportunities.
Usually, developers make a website, an investor's office, and a back-office, leaving the API for later. As the business develops, there are needs for integration with other services and partners. Then developers add an API to enable such integrations. This is the traditional way of developing a project with a monolithic architecture.
The weak point in this approach is that the API is essentially an appendage to the platform, which is needed only for communication with external partners. As a result, API capabilities are usually scarce and duplicate part of the back-office functionality.
Also, this approach creates vulnerability. If the API is based on the back-office, then the back-office site itself cannot be left accessible only to employees and closed from external requests to it. The back-office site will have to be accessible to everyone, not just employees since any external partner service will have to be able to access the platform via the API.
Thanks to the microservice architecture, we have developed a fundamentally different approach to the API.
On your financial platform, we can say that the "brain" of the system is the API. All data is processed in it, business logic is laid down, queries are made to databases and service providers. Your promo site, customer portal and back-office also conduct all work with the platform through the API.
This approach provides several advantages:
