The idea of open banking has been around for quite some time. Most, if not all, core systems have provided some type of means of integration for third parties to be able to integrate with their platforms. Recently, we’ve seen a lot more of the conversation around open banking or open APIs and services from the core platforms, which is really exciting. In the past, some of these method were less known or popular to vendors in the industry, which made it difficult for third parties to be able to integrate with their core platforms.
Today, core-banking platforms offer active integrations and services to be able to allow for better integration. At the end of the day, financial institutions though, even with these APIs, are still responsible for integrating third party vendors into their core-banking platforms. NXTsoft’s OmniConnect Marketplace was built to help with this purpose: to be able to manage third party integration services to any of the core system platforms in the marketplace today, as well as give financial institutions the control of their data that they want.
NXTsoft’s OmniConnect Marketplace integrates with roughly 40 different core systems that are out there today, as well as 60 ancillary vendor products. Through the creation of standardized transactional libraries and services, we’re able to offer open integration services to any of those platforms today in the marketplace, as well as build new ones relatively quickly. OmniConnect can allow for integration of third party vendor services to any core system, core system to core system integration, as well as any third party to third party product, giving financial institutions their choice of best of breed solutions.
For financial institutions, OmniConnect Marketplace provides a single platform for integration. You can manage security services, data access points for users, as well as how your products are standardized and managed through our OmniConnect Marketplace. It gives a financial institution full control of their third party products.
For third-party vendors, OmniConnect Marketplace provides those ancillary systems the means to integrate with their end-user clients and that core banking platform. It allows agnostic integration to be able to support multiple different types of products and services, it can provide access to data that usually has not been provided before, as well as gives them the motility to focus on their own product development.
Let OmniConnect worry about integrations of core systems on your behalf. We are the integration hub for financial institutions and third party vendors. We want our banks, credit unions, and third party vendors to know they have the best integration hub in the market today.