Written by apinity


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What is an API Marketplace: Quick Facts for Non-IT Readers

You're probably familiar with a variety of different online marketplaces, including Amazon or Facebook Marketplace. You can offer an item for sale on these sites or buy something that another user provides on the platform. The marketplace itself is the platform where supply and demand are brought together.

What is an API Marketplace?

The main difference is that the apinity marketplace offer includes specific IT products connected via so-called Application Programming Interfaces (APIs), i.e., interfaces between computer systems.

An API marketplace works in the same way as these other online marketplaces. Instead of products or services, however, IT services are offered and consumed here. These IT products are often developed by small innovative companies with little marketing or sales power and are often overlooked.

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With a marketplace like apinity's, they can thus make themselves known to many established customers and make their solutions available. This principle works publicly in a specific market segment such as insurance. Still, it can also make sense internally in large organizations to offer products and services and make them usable like an internal app store.

API marketplaces are pure business-to-business solutions with companies on both sides

Unlike the familiar marketplaces where entrepreneurs sell their services to end-users, API marketplaces are pure business-to-business solutions with companies on both sides.

Why is an API Marketplace needed?

Application Programming Interfaces (APIs) have become a key component of enterprise modernization, especially in industries such as banking and insurance. In these industries, the availability of API-based resources provides leading institutions with new channels to engage with customers, such as through partners who integrate banking or insurance products with other apps.

As connection and data distribution systems, APIs play a critical role in making enterprise systems and services more responsive and adaptable while enabling companies to monetize their data, cultivate partnerships, and unlock innovation.

Why is an API Marketplace innovative?

APIs, or interfaces per se, are not new. They've been around for so long that there are countless variations and different standards. Unfortunately, this heterogeneity ensures that many projects are unnecessarily bloated, take a long time, and cost a lot of money.

Unified integration via a marketplace centralizes and standardizes many aspects: from security and access management to technical integration, reporting, and billing.

Who benefits from an API marketplace?

We have worked with insurance companies to implement service provider integrations within two weeks. This fast integration saves both sides a lot of time and money. The more services are offered or purchased via the apinity marketplace, the greater the positive effects.

IT is usually the bottleneck for innovation projects at large banks and insurance companies. The apinity marketplace now makes it possible to drive these API innovations forward more quickly - instead of being overtaken by young startups.

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