A Payment API, or Application Programming Interface, is a set of defined rules and protocols that allows different software applications to communicate and facilitate financial transactions. It enables platforms to integrate payment processing functionalities without building the entire infrastructure from scratch. This interface streamlines digital payments across various systems.
Context
In the digital asset ecosystem, payment APIs are essential for bridging traditional financial systems with cryptocurrency platforms, enabling users to buy, sell, or spend digital assets more seamlessly. These APIs support various functions, including fiat-to-crypto conversions, direct cryptocurrency payments, and integration with wallets and exchanges. Their continued development is crucial for increasing the utility and accessibility of digital assets for everyday transactions.
The collaboration links Citi's global payment network with Coinbase's digital rails, achieving T+0 liquidity management and reducing institutional fund transfer friction.
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