Transform Banking APIs with IBM API Connect and DataPower
Ali Akthar
Middleware Practice Lead
December 4, 2023
Unlocking the potential of your financial data requires more than just technical know-how; it demands a seamless symphony of design, development, publication, documentation, and vigilant oversight. Enter the world of API management – a dynamic realm where innovation meets security in a scalable environment. Dive into the heart of this technological frontier with API management, a game-changer for finance companies. Here, the power to expose critical data and services to customers, partners, and third-party developers is harnessed with precision and control.
With API Management, banking and financial services companies can ensure:
- Improved customer experience with easier and personalized access to financial products and services.
- Increased operational efficiency by automating and streamlining business processes and workflows.
- Innovation and collaboration by creating new applications and solutions using the existing data and functionality.
- Enhanced security and compliance by enforcing policies and standards for data protection, authentication, authorization, and auditing.
A survey conducted by McKinsey earlier this year revealed that APIs have become increasingly crucial for banks and financial institutions over the past two years. Eighty-one percent of respondents believe that APIs are a priority for business and IT functions. The survey also discovered that banks are gaining confidence and steadily improving their API maturity across key strategic, technological, and people-related dimensions. Some use cases and examples of APIs in the finance sector include:
- Banking as a service (BaaS): BaaS is a model where banks offer their core banking capabilities, such as accounts, payments, cards, and loans, as APIs to third-party providers, such as fintech, retailers, or telecoms.
- Platform as a service (PaaS): PaaS is a model where banks provide a platform that connects various financial services providers and consumers, creating a network effect and a one-stop shop for financial needs.
- Embedded finance: Embedded finance is a model where financial services are integrated into non-financial platforms, such as e-commerce, social media, or mobility, creating a seamless and contextual customer experience.
In today’s digital age, data security, mediation, and integration are crucial in enterprise environments. IBM’s DataPower and API Connect offer a solid foundation for safeguarding IT assets, managing APIs, and ensuring seamless integration in IBM WebSphere environments. In this blog, we cover how companies can benefit from utilizing the combination of IBM DataPower and API Connect.
IBM DataPower Gateway: Empowering Enterprise Security
IBM DataPower is a versatile family of hardware and software products tailored to meet the complex requirements of modern enterprises. The cornerstone of this family is the IBM DataPower Gateway, a robust security appliance designed to protect and integrate IT assets while reducing operational costs. Key features and benefits of DataPower Gateway include:
- DMZ-Ready Design: DataPower Gateway is designed for easy deployment in a Demilitarized Zone (DMZ). This feature ensures optimized access to various workloads, including web, API, mobile, SOA, cloud, and B2B applications.
- Comprehensive Security: DataPower offers various application security capabilities, making it a reliable choice for protecting against data leakage and enforcing compliance with government regulations.
- Integration and Routing: DataPower excels in integrating and routing web services, ensuring that the communication channels remain secure and efficient.
- Data Leakage Prevention: Protecting the enterprise from data leakage is paramount for organizations. DataPower addresses this challenge effectively by implementing security provisions unique to each interface type, such as SSL.
IBM API Connect: Empowering API Management
IBM API Connect is a comprehensive API management solution that streamlines API creation, management, security, and monetization. It comprises four major components: API Manager, Analytics, Developer Portal, and Gateway. These components can be deployed in various hybrid and multi-cloud configurations, making API Connect an essential tool for modern digital transformation initiatives.
Why the Banking Industry Needs IBM DataPower and API Connect
Integrating IBM DataPower and API Connect significantly benefits banking and financial services companies. These solutions provide a robust framework for secure data transmission and API management, aligning perfectly with the industry’s stringent regulatory requirements. DataPower offers comprehensive security, protecting sensitive financial data and ensuring compliance with government regulations.
Meanwhile, API Connect streamlines the creation and management of APIs, enabling seamless integration with external partners and customers. This integration enhances the overall efficiency of banking and financial operations, reduces operational costs, and allows for the rapid development and deployment of innovative digital solutions, ultimately offering customers a secure, responsive, and intuitive experience while strengthening the industry’s overall competitiveness and trustworthiness.
Read our case study to learn how we helped a bank modernize its core banking operations with IBM DataPower and API Connect.
How Royal Cyber Helped a Client Update their Infrastructure with IBM
Situation
A leading financial services group struggled with the outdated IBM infrastructure, hampering their global operations. They needed support from experts that allowed upgrades without disrupting business.
Task
Offer L2 support for installing the latest versions of IBM DataPower and API Connect from V5 to V10, along with Architecture, Design, Development, Implementation, Support, Deployment, and Testing services.
Action
Provided 24×7 L2 support services for the client’s DataPower/API Connect infrastructure per the client’s operational requests. Also provided application support, deployments, software upgrades, fix pack upgrades, certificate renewal process, and other planned service requests.
In addition to migrating DataPower and API Connect to their latest versions, our team also managed the client’s L2 support queue in ServiceNow and gave incident-based resolutions. Our team designated support analysts to triage and resolve issues and document lessons learned.
Results
Our team created an infrastructure environment that was seamless, responsive, and provided an intuitive experience with strengthened application security.
Conclusion
We offer a wide range of services to support DataPower and API Connect, from architecture and design to development, implementation, support, deployment, and testing. Our offerings include:
- Operational Requests: We support clients’ DataPower and API Connect infrastructure as directed, handling operational requests and ensuring system stability.
- Guidance and Support: We offer guidance and support for engineering, integration, testing, and implementation services as the client directs.
- Application Support: Our services cover application support, deployments, software upgrades, fix pack upgrades, certificate renewal processes, and planned service requests.
- Version Migration: We assist in migrating DataPower and API Connect from lower to higher versions while maintaining comprehensive documentation.
- Stakeholder Management: Effective stakeholder management ensures that all parties are aligned and project goals are met efficiently.
Gain access to cutting-edge technology and strengthened application security by choosing our services. We have designated teams available seven days a week as the first point of contact for issues and service requests. Our commitment to providing L2 support and value-added services ensures that your DataPower and API Connect solutions remain robust and dependable.
IBM DataPower and API Connect are pivotal in fortifying your enterprise’s data security and integration. With our comprehensive support and services, you can harness the full potential of these solutions, ensuring a seamless and secure digital experience for your organization. For more information about Royal Cyber, visit our website at www.royalcyber.com or contact us at [email protected].
Author
Priya George
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