Best API Providers: Invest in Your Fintech Business Growth

Top API Companies of 2021: A Fintech Focus

When it comes to trading or automated data collection, there’s no better and quicker tool to bridge the information delivery between Google’s servers and software than API. What is an API? In brief, it’s a toolkit that lets different computer systems interact with each other, and the result of this ‘talk’ is extensive data sharing. If you need an example from the everyday consumer’s life, take a quick registration on the site through the social network page or Gmail account. Another instance is your phone’s weather forecast announcement, which is the outcome of integration between the corresponding app and the National Weather Service’s servers. As you can guess, many users rely on the perks of API application without consciously knowing what does API stand for or how to use an API.

Meanwhile, you can scale up your business with API support to supply your customers with first-class UX, which will generate a greater loyalty rate and revenue increase. According to the RapidAPI Developer survey, 61% of participants implemented APIs more actively in 2020, so API meaning considerably raised compared to the previous year. Specifically, the 3 major spheres to which it concerns are financial services, manufacturing, and technology. That’s why if your young business belongs to this list, API can stir its flourishment, and the top API companies below will assist you in this task.

What Are the Best API Vendors of 2021?

№1. Alpaca API

What’s its service about?

Alpaca is a California-based commission-free API stock trading platform that serves the needs of US clients exclusively. Founded in 2015, the company has paved a confident path towards algorithms improvement, better apps integration, and building products for traders, quant funds, brokers, and market data analysts. In the end, Alpaca has positioned itself as the top API tech expert that readily takes the burden of financial responsibility on its shoulders. Being run on the AI and ML base, this API provider helps fintech companies to find their place under the ‘trading’ sun: 100,000 API developers have been successfully onboarded at the platform to create fintech apps on its foundation. Besides, in 2020, Alpaca succeeded in gaining $10bn in stock transactions, which spells out a clear-cut message on its community’s growth and steady investment increase.

Any distinctive API peculiarities?

As Alpaca’s API service is devoid of commissions, its business model stems from paying for order flow, margin trading, and interest on cash deposits. It implies the reduction of redundant expenses on the development part, which truly drives its popularity within the fintech circles. Besides, Alpaca is famous for the smooth infrastructure adjustment to the required product thanks to the great documentation provision, open-source contribution, and SDKs' existence in different languages. As a result, its API can be justly called developer-friendly. In traders' eyes, Alpaca wins the leading position in the US market owing to its stock prices prediction and detection tools — AlpacaForecast and AlpacaRadar.

Why Alpaca?

In addition to the above-mentioned characteristics, Alpaca is also favored because of its security standards, high-quality technical analysis, and mindful KYC process. First is explained by the 2FA, FINRA & SIPC membership, and general account protection measures. Second embodies the 100+ prebuilt indicators that ensure much flexibility with API and app integrations. The third refers to the simple procedure of opening and funding the brokerage accounts via RESTful APIs. Altogether, these factors positively influence Alpaca’s image among those who are planning to develop the trading app, the challenger bank, or the investment advisor. And if considering its plan to launch the cryptocurrency product, the new B2B partners should join up.

№2. Xignite API

What’s its service about?

Xignite is another California-originated data exchange platform that provides the full cycle of data management operations for stocks, ETFs, mutual funds, and other financial institutions. Relying on the API technology, the provider handles the multiple integrations with the commercial apps and applies the client-focused data mining approach for both real-time and historical data processing. At the same time, its 10+ years of expertise in APIs implementation in the financial industry ranks Xignite way higher than its fledgling competitors. The company is skillful in AWS building, scaling, and operating, that’s why its cloud-based API is what the doctor ordered for your financial services or capital markets firm.

Any distinctive API peculiarities?

Not all APIs look alike! Xignite’s API hallmark is its cloud-native character, which suggests a flexible, case-based data delivery service to fintechs. The ready-to-use code integration into the necessary infrastructure determines its high scalability potential. Together with the limitless usage and considerable data coverage, this makes an attractive offer for the symbolic Xignite API cost — $50 per month of the Premium subscription. No surprise, such fintech giants as Robinhood, SoFi, Betterment, StockCharts, Wealthsimple, and many other big players are on the list of their clients. Among the other perks, XigniteGlobalNews and XigniteEarningsCalendar features should be named too. The former is dedicated to collecting and shaping the condensed summary for the fresh economy-, business-, and fintech-related news. The latter shows the trading risk events for the more accurate exchange prognosis.

Why Xignite?

Xignite’s API marketplace is a cross-asset global markets leader that owns quality data from the best cloud providers, including Morningstar and FactSet. This allows you to save time for business operations instead of vetting, extracting, and further optimizing the obtained data. The immediate customization with CSV, Excel and JSON formats leaves some space for a choice, whereas the speed of financial data maintenance is also a pleasant bonus — 12bn API requests are processed per day in AWS. What’s under the hood of its success? Probably, the recent transfer to Yugabyte is a part of its today’s performance achievement as now Xignite is ready to scale more than 11 terabytes of data for both reads and writes. Not to mention the costs reduction consequence, which also has evoked the substantial fintechs' attention to its service.

№3. Bloomberg API

What’s its service about?

The majority of users know Bloomberg as the media company that has been long to the market — since 1981. Its format was extended from the print version to the digital edition and broadcasting. Meanwhile, that’s not all you should bear in mind while hearing about Bloomberg! First, if you work in the fintech industry, you might be interested in the Bloomberg Terminal — it’ll surely upgrade your decision-making skills due to real-time data and innovative trading tools. BTW, that’s the feature that makes the largest part of the company’s annual revenue — close to $10bn. And one of its latest products is Bloomberg Server API (SAPI), which logically adds to the Bloomberg Terminal by broadening your data access to the historical and key reference intelligence. Besides, the new instrument anticipates the engine capabilities when leveraging confidential and third-party apps. All in all, SAPI will let your developers' team easily connect to the network, consume bundles of market data, and create the interrupted link to the client-server apps.

Any distinctive API peculiarities?

As the fast and accurate delivery of data is the exclusive focus priority of Bloomberg, its API solution also translates this belief: you may choose between a fully managed Bloomberg Appliance or a company-supervised host server. In addition, the options of third-party data hosting and AWS cloud delivery are also available. Whatever delivery route you pick, the usage of technology to quickly and qualitatively extract, integrate, and further use the required market information will be secure: encryption, built-in data management control, and SSL sessions authentication. Moreover, Bloomberg stock API represents the full functionality package that aids in global markets risks evaluation, orders management, and general operational optimization.

Why Bloomberg?

If your principal goal is to bring consistency among the different data sources (usually across applications), Bloomberg API is the perfect match. The reliable data delivery technology will guarantee the firm’s well-organized processes flow and costs reduction. The vendor managers will definitely enjoy regular stock updates as well as simplified control of permissions and entitlements. The app developers will be grateful for the smooth integration of SAPI with the most popular programming languages, including Java, C++, .NET, and others.

№4. Alpha Vantage API

What’s its service about?

Alpha Vantage is one of the top API vendors of Silicon Valley origin. Started its developer-friendly API activity in 2018, today it explains to the leading fintech players how to use Alpha Vantage API for professional software development, mindful investing, and successful ML and blockchain implementation. If it sparks the business interest in you, consider that Alpha Vantage’s portfolio incorporates stocks, mutual funds, ETFs, forex, and cryptocurrencies. Thus, together with Alpha Vantage, you can go with both traditional and non-traditional asset types for free, only by sticking to the 500 requests limit per day. However, for those who are eager to get less restricted access to its API functionality, monthly premium plans vary from $29.99 to $249.99, depending on the number of requests per minute. What’s more, in case of necessity, you’ll be supported on the go by expert assistance.

Any distinctive API peculiarities?

Alpha Vantage stock API design comes from the idea of combining thorough research, cutting-edge tech stack, and affordability of financial information. To start your first acquaintance with the API provider, scroll down the list of API documentation and decide on which one you need for your business project. Then you’re to figure out whether you need the API library. This is easier after you’ve examined the trial version. Finally, after completing this stage, claim your free API key and begin your data exploring.

Why Alpha Vantage?

That’s the comprehensive stock data and technical indicators analysis tool, which will help you to quickly get the gist of changes on the global market and timely align your trading strategy accordingly. However, you should be ready to use the Alpha Vantage Wrapper to effectively cope with the data pulling, especially if you use Python for interface integration to the API.

№5. Polygon API

What’s its service about?

Polygon is the Atlanta-based API service provider that specializes in real-time market data delivery for currencies, crypto, and stocks. Founded in 2016, it’s quickly evolving as the market-wide API aggregator that disrupts the standards of financial apps development through the support of all major programming languages and operating systems. That truly confirms its business motto — a tool that is ‘'created by developers for developers." Plus, if you’re a startup, Polygon would also make you pleased with a 20% discount for the first 3 months of its usage. During this solid test drive, you’ll be able to establish your project scalability plan and keep an eye on its gradual realization and intermediate integration results.

Any distinctive API peculiarities?

In expert’s opinion, Polygon is the most scalable solution to build up the transfer channel of the market data to any kind of trading software. In all likelihood, this conclusion derives from the instant access of the historical data, low latency in processing real-time data (20ms is a max), and unlimited REST APIs (both in daily and per minute number of requests parameters. Moreover, Polygon can be estimated highly because of its precise trading timestamp accuracy and cooperation with the best data centers: NASDAQ, NYSE, IEX, and BATS are among the key exchange partners.

Why Polygon?

As you can see, Polygon grants you the high-end trading opportunities you exactly understand what you’re paying for. Instead of losing money on sales or proxies, you directly invest into the institutional-level data, increasing your chances to target the end-users quickly and effectively.

So, are you ready for the API power in the end?

Hope yes as it’s the window into the quick and effective data integration between different systems, networks, or applications. That’s especially indispensable in the fintech realm, so give it a try with the top API vendors the Dashdevs team has researched and listed for you. Still have questions about how to use API for your business product? Just knock and let us know!

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