Dive Brief:

• Goldman Sachs is looking to add 60 software engineers for its API store, Marquee, reports Business Insider. The platform is used to grant Goldman Sachs clients access to data, analytics and execution from a browser or API. The new hires will help grow the platform that was "inspired" by Silicon Valley, according to the report.

• The bank's API store was the idea of CFO Marty Chavez. In 2017, Chavez said Goldman Sachs was "redesigning the whole company around APIs." By doing so, the bank is working to create transparency between itself and its clients, therefore building more business ties.

• JPMorgan also has its own API store allowing customers to "plug into" the bank's data, according to the report. CIO Lori Beer said this type of business model will simplify the relationship between the bank and its clients.

Dive Insight:

APIs allow computer programs to communicate without the oversight or command of a human. They are typically used to amplify the services on a platform and better streamline productivity.

Companies like Google are adjusting their API price models and offerings to accommodate the shift to custom APIs. Microsoft offers a three-tiered API management pricing model depending on the level of processing volumes.

But custom APIs benefit a company both in how it interacts with customers but also how its developers interact with internal systems. For example, computers become self-reliant and don't require any interference for developers.

"We are scaling to a multitude of API calls, which are used by clients across the globe," according to a job listing for Marquee Engineering on LinkedIn. The bank is looking for engineers "across the stack who enjoy working in a client-driven and agile environment."

With the addition of new engineers, Goldman Sachs wants its custom APIs to more broadly define the distribution of data and make it customizable to every clients' needs.