As a technical code, the API connects and enables simplified data exchange between different systems, improving how corporates manage payment, receivables, and liquidity, offering real time visibility on their cash positions and payments. According to Mashreq, the API Marketplace comes as part of the company’s broader digital strategy, with it intending to assist the advancement of Open Banking through APIs. Additionally, the new API Marketplace aims to allow clients and partners to co-create and expand their operations more efficiently.
The API Marketplace rolls out several features, including automated developer registration, real-world case studies and a flexible subscription model, focused on fostering development via a more agile and collaborative digital ecosystem.
Moreover, through this launch, Mashreq intends to continue to solidify its position in the MENA region, providing clients and partners with the tools they require to scale in the ever-evolving landscape. The platform comes during a period of increased adoption for APIs in the UAE, with the Central Bank actively promoting open finance through initiatives such as the Open Finance Framework. The financial institution currently encourages banks to implement API standards and collaborate with fintech companies to introduce new business solutions.
Commenting on the news, representatives from Mashreq underlined that the API Marketplace platform was designed to deliver intuitive tools, sandbox environments, and comprehensive documentation. It centres on enabling the company to extend its services beyond traditional channels and integrate into the digital journeys of customers. Also, by optimising access and facilitating real-world use cases, Mashreq seeks to simplify how developers and businesses build modern financial solutions.
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