FinTech innovation has led to significant advancements in the field of enterprise expense management, with vendors increasingly leveraging application programming interfaces (APIs) to create event-driven experiences in addition to data. rich transactions in real time.
Read more: APIs give businesses deep insight into expense management
On the consumer side, APIs are also helping to transform consumer spend management, from open banking players offering optimized underwriting and account opening, to brokerage data providers offering reporting processes improved income or simplifying personal financial management and sharing of expenses with their peers.
This transformation, according to Pat Nealonvice president of strategy at Fidel API, is made possible through APIs that provide access to real-time data from global map networks. By leveraging this data, consumer spend management apps can engage users the very moment a user makes a payment.
See also: Fidel connects developers to card data with a new API
“In today’s ecosystem, consumers demand real-time experiences, [so] if you hire me on how i spend 12-48 hours after [a transaction]I probably won’t be very [responsive],” Nealon told PYMNTS in an interview. “Real-time notifications and messaging that take place the very moment a consumer completes a transaction dramatically improves the experience.”
Nealon said consumer and business spend management platforms see the value in delivering real-time experiences and have attempted to do so either by directly issuing their own cards or by partnering with financial infrastructure players, such as Fidel API.
Read also: Fidel targets US market in expansion of card-linking technology
Launched in 2018, the UK-based FinTech offers a platform that allows developers to create programmable experiences on any payment card so users can engage in real time.
The company recently expanded its services to Asia-Pacific and the Middle East. It has offices in London, Lisbon, Portugal and New York, from where it serves a wide range of clients, including British Airways, Blackhawk Networks, Google and Royal Bank of Canada.
Consumer Value, Consent, Partnerships
Until now, much of the financial data available to build spend management experiences lacked a real-time element and access to deep, granular data messaging.
Nealon said this gap has created a huge opportunity for developers to create new engaging consumer and commerce spend experiences on the back of the “hyper-rich, real-time transaction messaging” provided by the Fidel API, creating a significant amount of consumer and commercial value in the process.
Another industry-shaping trend relates to identity and consent, he noted, adding that providing a “very clear message” about what a cardholder is consenting to and with which entities they consent to share their data will be “hypercritical” in the future.
As the Fidel API helps automate manual data integrations, more opportunities for partnerships between merchants and issuers, and between third-party technology platforms and issuers, are springing up.
“Now, with a player like Fidel API already building this fabric of connectivity, there is a tremendous opportunity between issuers, card networks, merchants and other third parties to partner directly with little to no work. of integration,” Nealon said.