Moving to open banking standard APIs will allow financial institutions to increase opportunities by offering personalized consumer experiences on a variety of platforms and devices. Financial institutions can more easily accelerate revenue growth -including attracting the millennial market- by diversifying across mobile devices and other emerging platforms. Adopting APIs as a mechanism for securely sharing data with FinTechs and other financial institutions will drive new channel growth opportunities and market share capitalization.
EEI provides Open Banking enablement services & solutions that make a difficult transition process frictionless and gets financial institutions’ APIs to market quicker, resulting in risk reduction.
Transitioning to an Open Banking architecture using APIs for data sharing and publishing can be a daunting undertaking. For larger banks with multiple backends servicing a host of financial product the migration can be fraught with obstacles and pitfalls: legacy systems incapable of providing real-time data, data requirements joining systems across multiple backends, and the list goes on. EEI’s certification services provide assurance that your API, standard or custom, will interoperate with other FinTechs and financial institutions.
EEI’s certification services offer financial institutions a smooth pathway to implementation providing a broad set of services including but not limited to data sharing, consumer permissioning, securitization, authentication and end-to-end testing.
Open Banking adoption allows banks to optimize valuable customer relationships. From providing innovative consumer experiences that will help retain and grow an institution’s customer base to collaborating with FinTechs to create additional opportunities to be the merchant vendor of choice for all purchasing decisions, the API ecosystem is teeming with monetization opportunities. Financial institutions that can rapidly adapt to the changing market, can leverage their networks, customer base, brand and distribution channels to capitalize on these evolving changes.
EEI provides services solutions to support existing Open Financial Exchange (OFX) and emerging Financial Data Exchange (FDX) API standards that will help financial institutions monetize their platforms and data sharing capabilities.
Founded in 1995, Enterprise Engineering, Inc. (EEI) is an industry-leading software and IT consulting services firm serving the world’s largest Financial Institutions and premier wealth managers.
EEI is recognized as an innovative and well established leader in the FinTech community.
As an industry leading provider of data integration solutions, EEI’s software product suite provides access to over $7 trillion in AUM for 7 of the top 10 wealth managers.
EEI’s FS-API™ is the first API to provide secure, reliable, direct access to all client financial data.
For the first time, front-end applications have access to authorized client financial data and can seamlessly integrate to any third-party, without the problems and cost associated with screen scraping.