Reword the following answer: Wealth Tech companies can leverage open application programming interface (API) software because it allows two applications to talk to each other. Open APIs act as a gateway for different software applications to interact and integrate with each other, facilitating the exchange and accessibility of data and functions. ## **Understanding APIs in Wealth Tech** An API, or Application Programming Interface, is a set of protocols and tools for building software and applications. Open APIs are publicly available for other software developers to use. Wealth Tech companies, such as robo-advisors, digital brokers, personal finance apps, etc., extensively use APIs to draw on data from various financial institutions and provide customers with a consolidated and personalized overview of their finances. ## **Role of APIs in Financial Interoperability** APIs play a pivotal role in enabling interoperability among various financial services. For example, an Open Banking API allows a third-party Wealth Tech app to access bank account information with the customer's consent, facilitating features like automated investment advice, budget track, spending analysis, etc. In this context, when we say that APIs allow two applications to talk to each other, what we mean is that they enable data exchange and communication between these applications. For example, a Wealth Tech application can use APIs to retrieve a client's account data from a bank (with their authorization), use that data to analyze their financial health, and then provide personalized financia