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Open APIs are known to be tomorrow’s links to create an ecosystem of products/ services and platforms in the financial industry. They have become the level to get higher value through an exponential network and open information systems. Harnessing the great potential of APIs could produce tangible advantages for the institutions, including:
The benefits of APIs are enormous, with the ability to exchange data across multiple parties and applications in real time. What’s more? The plug-and-play beauty of this innovation can be developed and deployed far quicker than any traditionally designed product.
Based on the insights from our different surveys and work with financial institutions, ECS Fin has developed a sophisticated framework for building cutting-edge technology. The framework comprises four key elements: authentication functionality, proactive strategy, operating model, and technology. Let’s read about them in depth: