Apigee: Enterprise API modernisation for FSI monetisation and compliance

Organisations must innovate to attract and maintain customers and remain relevant in a competitive and crowded finance marketplace.

One of the challenges for GFT’s banking customers is the adoption of open banking and open finance products. This is still in its early stages, but it is growing rapidly. Open banking allows third-party FSIs to access customers' financial data from banks and other financial institutions through secure APIs.

Open finance is an extension of open banking that allows third-party providers to access via APIs a wider range of financial data, including data from investment platforms, insurance companies and pension providers. This allows customers to share their financial data with other providers, such as budgeting apps, investment platforms and lenders.

Financial Services organisations can monetise their open banking and open finance products by charging for secure and consistent access to their customer data through their product APIs. Access to the data can be provided to other teams within the bank to allow for greater business insight through data analytics. Organisations need to develop products that comply with the standards and regulations like the new Swift standard (ISO 20022). 

Apigee is an API management platform developed by Google Cloud. It helps businesses to develop, manage, secure, and monitor APIs. Apigee provides several features that can help businesses to improve the security, agility, scalability, and governance of their APIs. Some of the key features of Apigee include:

• High-performance API proxies
  Apigee helps you orchestrate and manage traffic for demanding apps with unrivalled control and reliability. It supports REST, gRPC, SOAP, and GraphQL, so you can implement any architecture. Apigee can also proxy internal microservices as REST APIs, enhancing security.
• Automated API Security with ML based abuse detection.
  Advanced API Security protects your APIs from misconfigurations, bots, and abuses. It regularly assesses APIs, identifies issues, and provides recommended actions. ML-powered dashboards identify critical abuses quickly. 
• Built-in API analytics dashboards
  Analyse API traffic with built-in dashboards to improve performance, identify opportunities, and build custom dashboards for API quality and developer engagement. 
• Traffic management and control
  Apigee policies let you program API behaviour without code. Choose from 50+ policies to control traffic, security, and QoS. Write custom scripts to extend API functionality. 
• Developer portals
  Integrated into API life cycle
  • The Lab is recognised by CB Insights as one of the top 30 innovation labs in banking
  • Addition of Insurance Lab in Canada following GFT’s acquisition of V-NEO

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