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Disrupting API integrations and pushing Financial Services hypergrowth with market networks

For the past twenty or so years, market networks have been one of the most disruptive and powerful wealth-creating engines in the global economy. The benefits of bringing together two sides of a fragmented market through a single platform with integrated workflow tools so they can transact more seamlessly are well established. Innovation flourishes, speed to market increases, new market players can quickly become ascendent and transaction velocity grows exponentially. So far, so good. 

But what about the integration market? API integrations lie at the heart of every modern business, no more so than financial services, connecting hundreds - even thousands - of cloud and on-premise software applications and data sources. How those integrations are built and managed can make the difference between a company’s success and failure, between powering growth or experiencing stagnation. 

To date, major software vendors have offered their own integrations to customers (usually the most commonly required) through their own platforms, while various integration platforms as a service (iPaaS) companies have offered customers a wider variety of their own API integrations and workflow tools. A few open-source marketplaces exist where vendors can share their custom integrations with potential customers, but - without certification standards in place - the quality of the API integrations offered is variable and, with no integrated workflow tools, they can’t be truly called market networks. 

What has been missing is a true market network for the integration space - the type of which we’ve seen disrupt retail (Shopify, ebay), hospitality (AirBnB) and of course finance (Patreon, LendingClub). The integration industry has been crying out for a marketplace to overcome a far too common hurdle of finding the right vendor solutions efficiently and cost-effectively while also incorporating best practices, and for vendors to sell their custom integration solutions one-to-many rather than one-to-one. 

In the Financial Services industry, many businesses need custom integrations but finding the right vendor can be challenging. For example, some businesses can have a combination of legacy platforms, such as the AS/400, or DB2, with modern saas platforms like Salesforce, Temenos and BMC Helix. Finding the right combination of partners or vendors is critical. With the launch of Jitterbit Marketplace, integration partners and vendors can now offer their Jitterbit-certified API integration solutions direct to customers, transforming the way end-users find and deploy certified integrations to connect applications and accelerate connectivity.

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Tom Ainsworth

Tom Ainsworth

Head of Customer Engagement

Jitterbit

Member since

17 Mar

Location

London

Blog posts

2

This post is from a series of posts in the group:

API

More generic posts and blogs relating with Application Programming Interfaces (APIs) including Open Banking and PSD2


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