IBM API Connect is an API management platform that allows developers to create, test, share, monitor, and secure APIs in one place. To import an API into IBM API Connect without being limited to only OpenAPI or WSDL files, developers can use API Transformer to convert their existing API specification format into a compatible format. The process involves obtaining an IBM-compatible API specification file, importing the API into the API Connect Dashboard, finalizing the imported API by making it compliant with IBM requirements, and then using the API in full potential.