API based technology and process frameworks are enabling banks and other financial services companies to offer integrated digital experiences to their customers.
With open banking facilitating personalized, tailored and connected services, API connectivity has become critical for organizations looking to enhance their customer processes. Lenders need to plug seamlessly into the fast evolving lending ecosystem comprising other partners to streamline their digital processes. APIs are an essential medium for seamless and controlled flow of data across systems. FinnOne Neo offers a ‘best-in-class’ suite of APIs across the entire loan lifecycle for lenders to digitally connect with others in the ecosystem and drive tremendous business benefits by enabling completely digital, faster and personalized services.
We design, develop and configure computer hardware and software for banks and other organizations in the lending industry.
As APIs are an integral part of digital lending framework, it is important to control and manage the growing API ecosystem efficiently. FinnOne Neo APICenter is a centralized API management portal designed to helps lenders and their partners access, understand and evaluate multiple API Packs grouped based on the business capabilities, regulate and secure API based integrations in an easy plug-n-play secured digital engagement. Lenders can regulate API traffic and enhance performance by preventing the system from overloading with the help of throttling / rate limiting policy. To prevent breakdowns of API calls, throttling / rate limiting can set permissions for defined time intervals to ensure system robustness and stability.
The APICenter platform offers a user-friendly dashboard to access and view the API Packs such as application pack, credit pack, disbursal pack, enquiry pack, master pack, collateral pack segmented across various lending functions such as loan origination, loan servicing, loan collections, collateral management & masters.
API documentation is a machine generated reference manual, which provides detailed information about APIs including their end points, functions, classes, data types and arguments. Documentation of APIs provides good developer experience, offers guidance to users on effective usage a-7nd integration. APICenter provides access to API documentation that complies with OpenAPI Specification, a widely used industry standard for describing modern APIs.
The platform allows registration of channels / partners as trusted sources before allowing them to access APIs securely to prevent any unauthorized use. oAuth2 authentication secures the API usage by providing valid access token to trusted sources, which is mandatory for all API calls. The robust architecture delivers intelligent security controls for API calls enabling peace of mind for the financial services companies to seamlessly open up the APIs and resources with other integration systems and partners in the ecosystem. To further enhance API security, as per OWASP top 10 guidelines, throttling/ rate limiting policy helps secure the usage of APIs by providing access to registered trusted sources only and routing all API calls through a centralized secured API layer.
APICenter provides an interactive user interface to test the APIs available on sample request in a test or sandbox environment. This capability allows users to get hands on experience on the APIs and decide its applicability in a matter of minutes.