Apr 06, 2018
The firm has created the JPMorgan Chase API (application programming interface) platform, allowing clients to plug into company data. APIs are the standard way for computer programs to "talk" to one another without human intervention, encouraging integration and efficient transactions with all businesses. The API platform was highlighted by CEO Jamie Dimon in his annual letter to shareholders as part of a discussion of the bank's tech strategy.
"Our shared technology infrastructure - our networks, data centers, and the public and private cloud - decreases costs, enhances efficiency and makes all our businesses more productive,” Dimon wrote in his shareholder letter. “In addition, this allows us to embrace the fact that every business and merchant has its own software and also wants easy, integrated access to our products and services. We are delivering on that through the creation of a common JPMorgan Chase API platform that allows customers to add simple, secure payments to their software."
J.P. Morgan Developer, one of two portals that makes up the API platform, is focused on corporate and investment banking clients, with over 100 users, the majority of which are asset management clients.
"API's give us an opportunity to break down our large programs into reusable components," Lori Beer, Chief Information Officer for JPMorgan Chase, told Business Insider. "That also allows us to think differently about how we want to connect with our customers."
Read the full article on Business Insider.