Citibank, one of the moguls in credit and banking, has announced the launch of a new Developer Hub, as well as a new set of banking APIs. The new Citi Global Developer Hub will provide a suite of APIs that developers can use to build financial applications for Citibank customers.

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The Citi Developer Hub has eight different API products that provide access to Citibank platform and process capabilities which include account management, peer to peer payments, and money transfer to institutions. These services are available in Singapore, Australia, and the United States at the moment.

The Monetary Authority of Singapore (MAS) has also announced the launch of a new set of APIs which can be utilized to provide and gain access to data from the MAS Monthly Statistical Bulletin. The data accessible include exchange rates, banks and finance companies' interest rates, as well as domestic interest rates.

One of main the reasons why Citibank launched the Global Developer Hub, and the new set of APIs is to enable interoperability. This is considered as the key to extracting the full potential of FinTech collaboration between banks, institutions, and individuals. There are several international FinTech standardization initiatives that are currently in development and the launch of the Global API Developer Hub allowed Citibank to jumpstart the process of these initiatives.

Citibank has stated its plans to develop additional APIs soon. The company is looking to the developer community as well as other partner institutions and brands to provide input on what scenarios and use cases would be best to focus on next and what consumer issues need to be addressed.

The Citi Developer Hub is considered as a core component of Citibank's Global Open Banking strategy.

[Photo by Michael Rivera/CC BY-SA 3.0]