Toronto-based Royal Bank of Canada (RBC) has launched an application programming interface (API) developer portal to enable eligible, external software developers and clients to access certain RBC APIs.
“Across other industries we’ve seen the transformational effect of APIs,” says Sumit Oberai, senior vice president of digital technology at RBC, in a statement.
“By providing external developers, industry innovators and clients with access to select RBC APIs, we have the opportunity to increase connectivity, create new tools and experiences for clients, and enable open and innovative collaboration to improve the future of banking,” he adds.
APIs allow applications speak to other applications, the firm says. This communication layer allows third-party applications secured access to certain data and capabilities from RBC.
Once registered and approved, external parties can use the RBC Developers portal to browse and learn about the APIs offered and create applications using these APIs.
To start, RBC is offering five API packages in the portal. Each package will deliver the data elements, orchestration and business logic required to deliver the end-to-end business process. Additional API packages will be added in the future.
The five packages are:
- Credit Card API, which provides access to credit rates and fees through a business-oriented interface;
- Minimum down payment API, which calculates the minimum down payment required for a purchase price of a home;
- Branch locator API, which accepts postal code or keyword search term and returns the address and hours of operation of the closest branch, or a list of the closest branches;
- Amortization schedule API, which calculates the number of payments associated with a mortgage amount, amortization period, interest details and payment details; and
- Safety deposit box inventory API, which provides safety deposit box information at a specified branch.