Blockchain strategist and specialist in cyber security ,William K. Santiago shows us the importance of financial innovation, in particular for the Carribean region. In his article he explains the steps the Carribean Region will need to take to become competitive on the world stage.

Traditionally, most financial institutions have an innovation time horizon or innovation maintenance/migration/replacement schedule of about 10 years. This has been the case for decades when IT infrastructure was being innovated in a semi-linear fashion. In the last 20 years however, the Caribbean has lacked the amount of innovation and developments that have been growing exponentially elsewhere around the globe, far exceeding this time horizon.

Given this exponential innovation change, the use of APIs allow financial institutions to enable third-party developers to build applications and services. This will also provide greater financial transparency options for account holders by using open-source technology.

This blog is written by William K. Santiago and published on his own website. The full article can be found here.