How are the 220k records being used?
Must serve it all at once
Not ideal for human consumers of this endpoint without special GUI considerations and communication.
A. I think that using a 'bulk API' would be marginally better than reading a file of the same data. (Not 100% sure on this.) Opening and interpreting a file might take a little bit more time than directly accessing data provided in an endpoint's response body.
Can send it in pieces
B. If only a small amount of data is needed at once, then server-side pagination should be used and allows the consumer to request new batches of data as desired. This reduces unnecessary server load by not sending data without it being specifically requested.
C. If all of it needs to be received during a user-session, then find a way to send the consumer partial information along the way. Often users can be temporarily satisfied with partial data while the rest loads, so update the client periodically with information as it arrives. Consider AJAX Long-Polling, HTML5 Server Sent Events (SSE), HTML5 Websockets as described here: What are Long-Polling, Websockets, Server-Sent Events (SSE) and Comet?. Tech stack details and third party requirements will likely limit your options. Make sure to communicate to users that the application is still working on the request until it is finished.
Can send less data
D. If the third party applications only need to show updated records, could a different endpoint be created for exposing this more manageable (hopefully) subset of records?
E. If the end-result is displaying this data in a user-centric application, then maybe a manageable amount of summary data could be sent instead? Are there user-centric applications that show 220k records at once, instead of fetching individual ones (or small batches)?