The open source iPaaS solution that propels financial institutions forward on their digital transformation.
If you’re in the market for a banking software solution, an integration platform might not be the first thing that comes to mind. Yet, in a digital age where interoperability is key, customer service is more important than ever, and banking technology needs to securely handle billions of sensitive data streams; an iPaaS could serve you better than expected.
Looking at iPaaS solutions, Yenlo’s Connext Platform provides financial institutions exactly what they need: An open-source solution in a robust managed platform that allows for state-of-the-art APIs and integrations, and strengthens security measures.
Today we’ll explore the advantages of using Yenlo’s Connext Platform as an open-source banking software solution. We’ll discuss the benefits of open-source software, the customization capability of Connext Platform, and the platform’s features that make it an excellent choice for banks and financial institutions. You’ll gain a better understanding of why integration platforms and in particular Yenlo’s Connext Platform is a strong contender in the open-source banking software space.
Key advantages of using Yenlo’s Connext Platform as an open-source banking software solution
Cost-effectiveness
When it comes to finding the right banking software solution, cost is a significant factor. Luckily, open-source software can provide a cost-effective solution for your needs. Yenlo’s Connext Platform is a cost-effective open-source banking software solution. We leverage best-of-breed technology and offer it out-of-the-box, thereby greatly reducing costs and complexity.
Unlike proprietary software options, our Connext Platform is open source, which means there are no expensive licensing fees or ongoing maintenance costs. This budget-friendly solution provides significant value and offers comprehensive features, including API management, integration capabilities, and robust security features.
By choosing Yenlo’s Connext Platform as your open-source banking software solution, you won’t need to invest in multiple integration services. Everything you could wish for in an integration platform is already included, eliminating the need of having to do your own best-of-breed shopping.
Connext Platform comes with a fixed yearly price, including all the software licenses, operational expenses, and support services, which ensures transparency and eliminates surprise expenses. Overall, Yenlo’s Connext Platform stands out as an excellent open-source banking software solution that streamlines the implementation process, reduces hassle, and saves time and money.
Customization
One of the significant advantages of open-source software is its customizability. What you’d want in banking software is to be able to tinker and adjust based on the unique dynamics of your company. With open-source your teams have full freedom to modify the software.
By customizing the software, you can enhance your efficiency, streamline processes, and create a seamless user experience for customers, ultimately leading to higher customer satisfaction rates and improved business results. The added flexibility through open source means it’s easier to implement differentiating elements that set you apart from the competition and add value to both your customers as well as partners and third-party service providers.
Yenlo’s Connext Platform is a prime example of a customizable open-source banking software solution. Connext Platform gives banks and financial institutions the freedom to customize the software to fit their specific business needs, whether it’s customizing APIs, data models, or integration flows. And yet, when you need support or have your integrations set up a certain way you don’t have the resources for, then our team will happily help you out.
Transparency
Another significant advantage of open-source software is its transparency. Cross-governmental regulations such as the General Data Protection Regulation (GDPR) and the second Payment Services Directive (PSD2)​, along with Open Banking opportunities, are enforcing more data transparency in the financial industry.
Open-source software automatically comes with an added level of transparency as the source code is publicly available. It’s of interest to the financial industry to work with open-source banking software as the added level of transparency can also improve the trust between businesses and their customers. If a bank or financial service provider can demonstrate that its software is transparent and secure, it can help build credibility with its customers.
Furthermore, the transparency of open-source solutions allows financial service providers to see how the software manages data and integrates with other systems, which can be critical for optimizing security and becoming compliant.
Speaking of compliance, governance is a crucial aspect of integration. It involves ensuring that the technology solutions you have implemented adhere to your industry’s, government’s, or company’s policies and regulations.
With open source, it becomes easier to have insight into how to become compliant. But the execution can be a time-consuming and complex process, especially if you are managing multiple technology solutions.
That’s where Yenlo’s Connext Platform stands out. It’s open source and users of the platform can adjust and customize it to their heart’s content. But when it comes to governance, we do the heavy lifting for you and ensure that all the licenses are in place, the technology is updated and always aligned to the latest standards.
Functions of the Connext Platform by Yenlo
API Management
API management is crucial in open-source banking software because it allows for better control, monitoring, and optimization of the APIs used in the software. APIs (Application Programming Interfaces) are the building blocks of any software solution, enabling different systems to communicate and share data with each other. In a banking software context, APIs are essential for facilitating transactions, managing customer data, and ensuring security.
API management provides the necessary tools to monitor the performance of APIs, analyze usage patterns, and control access to sensitive data. This helps to ensure that the APIs are functioning optimally and that any issues are identified and resolved quickly. Additionally, API Management can help to secure the APIs against cyber attacks and unauthorized access, which is particularly important in the banking sector where sensitive financial data is involved.
With Connext Platform, you have an open-source banking software that includes robust API management capabilities, allowing you to create, manage, and secure APIs with ease. This can lead to better overall performance, increased efficiency, and improved customer experience.
Integration Capabilities
A wide range of integration capabilities is vital for open-source banking software because banks and financial institutions typically use a variety of different systems and applications to manage their operations. These systems may not always be compatible with each other, making it difficult to transfer data between them.
Our Connext Platform fills this need by providing a comprehensive integration platform that allows for seamless data transfer between different systems and applications. With Connext Platform’s integration capabilities, banks and financial institutions can streamline their operations and improve their efficiency.
The platform’s integration capabilities include support for a wide range of protocols, such as REST, SOAP, and JMS. This makes it easy to connect with different systems and applications, regardless of the technologies you use. Additionally, Connext Platform gives you access to pre-built connectors and adapters for popular systems and applications, such as Salesforce, SAP, and Oracle. This allows for rapid integration without the need for custom coding.
Security
One of the most important features of banking software is its security. The sensitive nature of financial data requires a robust security infrastructure to protect against potential cyber threats and ensure compliance with industry regulations.
Yenlo’s Connext Platform provides a renowned security framework that includes features such as encryption, authentication, and authorization to ensure the confidentiality, integrity, and availability of your data. The platform also supports industry-standard security protocols such as OAuth2 and OpenID Connect to provide secure API access and with our security partner 42Crunch we can add an optional extra level of protection to the platform.
In addition, Connext Platform includes a powerful monitoring and alerting system that helps to detect and mitigate potential security threats in real-time. The platform also enables you to control access to your APIs and integrations, providing granular access control and audit trails to ensure compliance with data privacy regulations.
Security comes first. And safeguarding our customers’ information is of the utmost importance. With that in mind we’ve built our security feature. To meet the demanding needs of the banking industry, and ensure that every piece of data coming through the platform is secure and processes are compliant with industry regulations.
Case Study
Hanseatic
Hanseatic Bank, recognized the opportunities for competitive advantage through APIs and third-party providers. They aimed to improve time-to-market and enable new business models. Simultaneously, the Hamburg-based private bank also felt a huge responsibility towards protecting the user data of their current and future customer base.
To harness these security standards, Hanseatic Bank needed an efficient integration solution that both paved the way forward and kept the current business operating. The solution would have to be open source and adaptable to a brand new cloud-based IT infrastructure.
With this in mind, Hanseatic Bank implemented the Open Banking API based on the WSO2 Open Banking technology stack. The company selected Yenlo as its system integrator. Our flexible integration Platform-as-a-Service solution, Connext Platform, was exactly what Hanseatic Bank needed to have both a solid banking software in place and a future-focused Open Banking solution.
Source: https://www.yenlo.com/client-cases/hanseatic-bank/
Apart from Hanseatic Bank, Yenlo has collaborated and implemented API-driven and open-source solutions for the following financial institutions:
Conclusion
Our Connext Platform is an integration platform that offers a plethora of benefits for banks and financial institutions seeking an open-source banking software solution. The platform’s customizability allows your teams to adjust workflows, styling, and processes to fit their needs. The API management and integration capabilities streamline your operations and reduce complexity, while its top-of-the-line security features ensure your data is protected.
By combining all of these features into a single, cost-effective package, Connext Platform is a powerful tool for financial service providers looking to improve their digital capabilities and customer experience. We have assisted numerous financial institutions in achieving these goals and we are ready to help you too.
If you’re in the market for an open-source banking software solution, we encourage you to get in touch with us to learn more about how Connext Platform can benefit your organization. Contact us today to schedule a consultation and see how we can futureproof your integration technology.
