API (Application Programming Interface) is a channel for software/applications to communicate in order to exchange information or access application functions. It will enable partner/fin-tech company to be able to access to banking function or customer information, with explicit authorization from customer. For example, fin-tech company that use customer bank statement information to perform reconciliation of customer transaction will be able to access customer statement via bank API. It can then use the information obtained from the API in order to create innovation beyond what traditional bank provides.
Another example of API usage is to allow SME that need payment functions to access payment platform API. For example, a restaurant that already have an application for food ordering may utilize bank API for payment. In this way, the restaurant can accept cashless payment from customer that use digital wallet such as KBank owned K+ Wallet or other wallets such as AliPay or WeChat Pay.
Excerpt from “Future Technology Make Simple Lecture to journalists”
By Khun Somkid Jiranuntarat, Vice President KASIKORN Business-Technology Group
Click here for more details. https://www.youtube.com/watch?v=4Pu2J9eRCcg