So, what is Connectivity as a Service? Unlike other companies, we just don’t give you a toolkit to connect. We implement, maintain and secure connectivity to all your disparate systems without you needing to do a thing. We work directly with your vendors to know when enhancements or updates are happening so there is no worry on your part to read through documentation, test the updated connectivity or make sure you are complying with the newest connectivity standards.
NXTsoft’s OmniConnect API Connectivity as a Service is poised to empower financial institutions to take immediate advantage of composable banking. Composable banking is an approach to the design and delivery of financial services based on the rapid and flexible assembly of independent, best-for-purpose systems empowering agility and flexibility, speed to market, lower total cost of ownership and better customer relationships.
Implementing Connectivity as a Services positions financial institutions to be prepared for Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act expected to be in effect in 2023 that requires that banks make available to their customers the data concerning the consumer financial product or service that the consumer obtained from the financial in an electronic format usable by consumers, effectively putting consumers in the drivers seat when it comes to their financial data.
So how does NXTsoft fit into the composable and open banking playing field? We leveraged our 25 years of experience developing APIs to expand our connectivity to any financial institution, any fintech application, and any core, no matter what system you’re running. From deposit account opening, to payments, to CRM, to anything you can possibly imagine, we are the experts at API Connectivity as a Service. By using NXTsoft to build, manage and maintain API connections, a financial institution can free up organizational resources while still providing access to the products and services customenxtrs’ demand.
NXTsoft has pre-built API connectivity that a financial institution can quickly and easily integrate into their existing services, removing the development time and cost burden and enabling the financial institution to launch new connections immediately, giving you the advantage of beating competitors to market and immediately meeting customer demands.
Here is a holistic, real-word example of composable banking as facilitated by OmniConnect.
A customer completes an application via online banking. NXTsoft can pull existing data from the core system, minimizing data entry. The application data is then immediately passed to the bank’s LOS system and then back to the customer detailing what additional documents are needed, as well as sending a message to pull a credit report. The customer uploads the requested documents, which are automatically sent to the Enterprise Content Management System. This system returns a message back to the LOS system that appropriate documentation has been received and moves the process to the next step. The LOS system then sends a message to the Loan doc system to trigger electronic forms for the customer to sign and returns a notification to the LOS when the customer executes the documents. Finally, OmniConnect sends a message from the LOS to the General Ledger to fund the loan and then trigger the LOS to load all of the servicing information into the core.
Having these disparate systems connected to each other via NXTsoft’s API Connectivity-as-a Service drastically reduces the amount of time personnel are involved in the entire process and significantly reduces a financial institution’s operating expenses. Utilizing NXTsoft’s API strategy, a financial institution has the ability to combine best-of-breed independent components and integrate them so that they work together seamlessly to provide an outstanding customer experience.
Call us ambitious, but our vision is that one day, every financial institution in the country can eliminate manual entry for good. Connect with NXTsoft today to discuss how the right API strategy can save you time and money.