News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More
News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More

APIfication

Transforming the Payments Landscape with APIfication Services

Opus empowers banks, financial institutions, credit unions, and service providers to innovate, develop, and deploy at scale with APIfication services. By enabling an API-rich framework, Opus allows its clients to move beyond legacy payments technology and deliver modern customer-centric solutions.

Key Challenges Faced by Banks and Financial Institutions That Call for APIfication

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The presence of legacy middleware in the payment processing framework delays response time and increases the cost of operations

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De-centralized core offerings due to disparate systems and data sources that restrict communication and cause data inconsistencies

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Failure to adopt emerging technologies, such as AI and ML, due to the restricted framework of legacy applications

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Inability to innovate and slow response to changing market trends and customer expectations cause banks and financial institutions to lose the race to nimble FinTechs

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Challenges in implementing modern security measures such as token-based authorization

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High cost of maintenance and upgrades for traditional application frameworks and supporting infrastructure

Delivering a Dynamic FinTech Ecosystem with APIfication

With years of deep industry experience in offering technology-driven payment solutions to banks and financial institutions across the world, Opus enables the formation of a more connected and integrated IT landscape. With a well-defined API framework, Opus empowers its partners to adapt to today’s requirements and innovate for the future.

Our APIfication Solutions Include

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Identifying gaps and opportunities with the current API implementation and devising a future-proof API strategy

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Planning and designing the APIs with a service-oriented approach that aims to create modular and reusable APIs that can be consumed across different functions

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Migrating APIs to a cloud-based environment to ensure higher availability, improved security, and scalability

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Modernizing existing APIs to make them compatible with the latest technology standards and deliver better performance

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Defining API lifecycle management and governance policies that entail a well-defined framework to develop, deploy, secure, monitor, and support APIs

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Enabling financial institutions to adopt Open Banking and BIAN standards and implement financial-grade APIs (FAPIs)

Opus Enables Better Customer Experience with APIfication Services

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Streamlines business process by enabling data and system integration, and reducing inefficiencies

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Improves customer experience through simplified workflows, more value-added services, customized offerings and higher service availability

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Creates new opportunities for innovation by allowing access to a constant stream of accurate customer data

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Leverages cloud-based infrastructure for higher availability, efficient scaling, greater flexibility and cost efficiency

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Allows integration with latest security standards in the banking landscape, such as token-based authentication and authorization

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Supports compliance with industry-wide regulations, such as GDPR and PCI-DSS

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Promotes collaboration with other fintechs and big techs to explore new revenue streams

Recommended Resources To Explore

Frequently asked questions

APIfication is a process to develop APIs to collaborate with internal or external applications. The process allows banks and financial institutions to expose assets so that multiple applications can communicate or share data to offer a solution. The approach helps in building new capabilities and streamlining operations.

In a service delivery model, APIfication allows you to deliver a new set of services without the need to develop those services from scratch. APIfication as a process involves creating a rich repository of APIs that can then be used by developers, partners, or internal stakeholders to integrate with unique business functionalities. This approach opens a gateway to an API-based marketplace and promotes co-creation.

With the emergence of open banking, financial-grade APIs, and embedded finance, APIfication can certainly offer a competitive advantage to banking institutions. An organization that has completed the process of APIfication will be able to streamline internal processes and data acquisition. Along with that, a financial institution with an API-rich framework will have the flexibility to collaborate with FinTechs and BigTechs to offer unique and customized service offerings.