Integration is a bedrock principle in FinTech, allowing API economy to enlarge rapidly. A year ago, SDK Finance shifted to an API-first development paradigm which emphasizes building application components as APIs.
2017 became an API growth period for SDK.Finance, a core banking technology provider. Now it’s time to present our API progress and celebrate a New API release which expanded from 0 to 250 APIs within the last year.
CEO of SDK.Finance, Alex Malyshev, said:
“Since we’ve started our API-focused project, we can mark two aspects of our client’s product development which have been significantly influenced: time and budget. The average time of launching a product on SDK platform decreased to 3 months. The average development cost became 5–7 times less. As a result, we’ve found ourselves with a lot of grateful clients. So, today, we can serve even more customers from different countries utilizing the same number of developers in our state.”
CTO of SDK.Finance, Pavlo Sidelov, said:
“Before we started developing an API, we changed the architecture of the platform and conducted internal team training that prepared us for a new development paradigm. One of the tasks was the choice of the framework for API development. We looked through a number of different frameworks and decided to choose the world’s largest framework: Swagger.
It allows our clients to use any development language: Java, PHP, Python, etc. API exposure is not costly and, during last few months, we’ve managed to issue 10 API endpoints per week. Going forward, for any new feature, we first design on API and then deploy it in the system. Currently, not all platform functionality has been transferred into API form but we plan to have this accomplished by the end of this year.
Just imagine that you need to develop a new payment system. 3 steps need to be done here: design, frontend, and backend. 30% of your time and budget is spent on the design of user client interfaces and front-end, leaving the remaining 70%, the hardest part, on back-end development. When it comes to integration on top of API, SDK.finance effectively decreases the measure of time to your product launch by a factor of 3–5 times. As an additional benefit, your product is now running on a stable and powerful platform which significantly minimizes the probability of errors and guarantees the stability of your product.”
Functionality enabled through API:
A wide range of services can be built on top of API of SDK.finance, with payments and loyalty functionality including payment cards, online banking, electronic money issuing, money transfer, top-up, withdrawal, recurring payment, invoicing, cash back, bonuses, points, discounts, e-wallet management, currency exchange, external transactions using different payment methods, and a host of others.
As we can see, this functionality covers all your needs for creating a digital bank, payment service, or loyalty program. API integration layer is like the oil in the engine of global FinTech ecosystem.
API Economy in FinTech
Many market experts place particular emphasis on the fact that it is the financial sector in which integration is of most critical importance. Introduction of API has become a major innovation in the financial market. In the pre-API era, integration between various systems in FinTech took years. In many cases, this situation is still prevalent today, with many excellent projects and initiatives remaining either unrealized or coming to the market too late due to integration absence.
Today, the SDK.Finance API allows clients to launch payment services and loyalty programs as soon as possible, and integrate back-end work with front-end much faster with lower Capital expenditure (CAPEX).
SDK.finance has a proven track record of providing financial services companies with the core banking functionality that they need, using its secure, robust, and configurable API platform as a one-stop-shop solution.
Contact us to learn more about our banking solutions. We are open to talk about how SDK.finance can be useful for your business.