APIs are enabling agile and scalable services for banking, payments and other industries that require identity verification for Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance.<\/p>\n\n\n\n
AML and KYC compliance are legally required for certain organizations in most countries. When those organizations verify their customers, APIs can offer a quicker, easier and less costly path to compliance while meeting expectations for speed, security and privacy. There are more than 2,000 financial services APIs<\/a> and more on the way as advancements in big data, artificial intelligence, blockchain, machine learning and other areas accelerate.<\/p>\n\n\n\n Technology and regulatory compliance are two key drivers in the growth of open APIs. Compliance costs can be a burden. Celent estimated<\/a> the financial industry worldwide would spend $37.1 billion on IT and operations for AML and KYC compliance in 2021, a 13.4% increase over 2020.<\/p>\n\n\n\nImproving regulatory compliance<\/h2>\n\n\n\n