In the Tearsheet Podcast, John Pitts, Global Head of Policy at Plaid, discusses the evolution of APIs in financial services, emphasizing their vital role in open banking and consumer control over financial data. Drawing from his experiences at the CFPB, Pitts elaborates on how APIs foster innovation while enhancing connectivity and fraud prevention in the fintech sector. He uses a highway analogy to illustrate how APIs have transformed data sharing, progressing from outdated methods to advanced, reliable systems crucial for modern financial infrastructure.
APIs have evolved from simple data connectors to the fundamental architecture driving financial innovation.
Pitts compares the role of APIs in financial services to the construction of a national highway system.
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