Identifying Your Hosting Provider of Choice: Security, Access and Support As security plays a foundational role in all financial operations, banks must feel empowered by the knowledge that their data, which lies behind these APIs, is well secured. Adherence to industry standards for security on the part of hosting providers is the best way to ensure data protection. While true security necessitates that access to sensitive information be limited, it is optimal for the API documentation to be dynamic and accessible by the financial institutions they serve. Should challenges present themselves in the utilization or access of the APIs, adequate support is also essential. As such, it is advantageous to ask questions surrounding the support protocols that the API provider offers for developers and integrators specifically. Crystal Liebl, Development Web and UI Officer at DCI, speaks to the importance of provider support, saying, “While quality APIs are self-documenting, it’s crucial to have a vendor like DCI that can assist promptly with any challenges or questions that may occur. Commitment to great support is key to ensuring a smooth and quick implementation process.” Further Considerations: Performance and the Absence of Middleware In addition to support, technology (however obvious it may seem) is another crucial piece to the success of open banking. Many providers tout their technological agility, but what does that look like? When running on and being backed up by the latest and greatest technology, consistent, quick response times are the result. System redundancy optimizes uptime and ensures business continuity. One marker of agile technology and performance is found in providers able to deliver all the pieces necessary without reliance on middleware. Providers who enable integrators to work directly with their company eliminate extra cost, vendor due diligence and additional network hoops often required when bringing middleware into a relationship. Noting DCI’s experience in this realm, Liebl shares, “We encourage direct integration as a means to reduce cost and receive information firsthand from the experts who wrote the APIs. Through outstanding developer support, there’s no chance for misinterpretation leading to costly delays or refactoring amidst implementation efforts.” Conclusion: Flexible Offerings Through Open APIs as a Leg Up for Community Banks By exploring the many benefits Open APIs bring to community banks in the fintech market, the transformative potential such technology holds becomes increasingly evident. Features like self-documentation, compatibility, accessibility, security and enhanced functionality work together to empower banks to deliver flexible, customized solutions. From there, a strategic partnership with a hosting provider that adheres to industry standards for security offers accessible documentation, provides reliable support and embraces technological breakthroughs makes all the difference. Catalyzed to drive innovation and position themselves as leaders in the dynamic and everevolving fintech landscape, no longer must community banks wait for core processing updates in programming. Expanded digital capabilities for customers and institutions alike are always within reach through Open API technology. ■ “Expanded digital capabilities for customers and institutions alike are always within reach through Open API technology.” The Show-Me Banker Magazine | 21
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