Learning More About Open API Technology

What is an OpenAPI? Christian Hammer, Senior Vice President, & Head of Platforms at Saxo Bank answers that question.

What were the reasons behind Saxo Bank’s decision to launch an OpenAPI? 

Saxo Bank has always invested heavily in technology as we strongly believe it is a key driver for success and competitiveness in the fast-evolving financial industry. Our clients all over the world recognize our innovative spirit and place value in the cutting-edge technological solutions we offer. 

Does this move have any impact on the industry as a whole? 

Saxo Bank is leading the evolution of the financial industry by being one of the first financial institutions to open up access to its trading infrastructure, offering institutions the tools they need to develop tailor-made experiences for their traders and investors. Technology is advancing so rapidly that it is hard for companies to maintain a competitive edge, especially when it comes to innovation. This is why the traditional business-to-customer business model is shifting to a collaborative model. 

Is Open API a new technology?

It is not a new technology, but rather the financial industry has been slow adopting it. It is very popular with tech companies, many of which have based their whole business models on Open API. There are also some banks that offer third party developers the ability to build tailor-made apps, but what we are offering is so much more to that. The REST-based Open API will give our partners, clients and external developers the ability to access Saxo Bank’s entire trading infrastructure, positioning us as a trading facilitator, thus allowing our institutional clients, including white label partners, to integrate their own applications and systems to our trading and investing capabilities. 

What exactly does the Open API cover?

The Open API will cover Saxo’s entire multi-asset trading and back office infrastructure, including access to over 30,000 instruments, and the ability to monitor positions, balances and margin from a single API. 

How does the Open API position Saxo Bank as an online trading specialist, compared to other competitors?

Open API will give our partners, clients and external developers the ability to access our innovative trading infrastructure and to integrate Saxo’s trading and investing capabilities directly into their own applications and systems. This will in turn allow them to customise their trading experience and generate new revenue streams.

What is the key advantage of an Open API (and what does it bring to customers)?

Open API is a flexible format which allows us to connect to other financial institutions, offering new and innovative trading capabilities, such as integrating Saxo’s trading and investing capabilities directly into their own websites and/or banking applications. This means that our entire software infrastructure can be made available to our institutional clients or external developers so they can develop on top of their systems or integrate into other digital ecosystems, enabling the delivery of an agile and customized software-based solution.

Will Saxo Bank continue applying such technologies in the future?

Nowadays a company’s success is largely based on its ability to innovate and stay at the forefront of technological advancements. By opening access to our trading infrastructure and launching an Open API we believe are paving the way for rapid growth of a collaborative business environment in the financial services industry. Today’s market is very competitive; therefore it is essential to follow the technology curve if one wants to stay ahead of the game.