What were the problem faced?

Organizations today use multiple banking partners. These companies integrate with banking partners electronically to efficiently manage some of their most complex finance processes including managing transactions, cash position-ing, forecasting etc. Additionally, all this information needs to be available on a real-time basis. It is expensive for organizations to build and maintain such systems which integrate with all of their banking partners.

The complexity increases as most of them have proprie-tary APIs and there are also some instances where they do not even provide an API.

When you bring in the additional component of retail customers, who have accounts with multiple banks, this further compounds the challenge. Retail customers may have to connect with each banking portal or at times, use their proprietary apps to manage finances or initiate payments.

What were the challenges?

• Lenders assessing for credit often involved retail customers pulling together different documents from different banks and institutions.
• Retail customers managing subscriptions – this could be anything from a streaming service or a fitness membership to a utility bill or a monthly mortgage.
• Absence of standardized APIs
• API integration across thousands of banks and institutions
• Ability to comply to multiple standards set by the banks
• Creating a normalized API to ensure consistent API across different banks
• Speed of integration needed to be as quick as possible irrespective of the volumes
• Ability to ensure future scalability of the product in view of future complexities
• Ability to maintain stringent data security

How did the client benefit?

Generic workflows enabled standardized process of integration across multiple banks as well as the ability to add custom hooks that provided the client to make specific customizations

Validation framework dropped the time required to create additional integrations by a whooping 70-80%

The client was able to add 1000s of new banks onto the platform within a span of 24 weeks

Helped the client save more than 50K USD of costs that could have been spent for new banking partner integrations