What is an API?
An Application Programming Interface (API) is a software intermediary that allows two applications to talk to each other. Powering our lives behind the scenes, APIs act as the connectors between systems to permit access for user-facing front ends with all-important back end functionality and data, without requiring developers to share the system’s codebase. For example, a common API the majority of us are familiar with is weather data. Weather APIs are found on all smartphones, and each time we look them up, we are using an API to access and deliver that information.
Making the connection
There are continually evolving requirements associated with areas such as compliance management, operational risk and ESG and as digitalisation transforms the financial services industry, APIs will play a key role, especially for asset management firms looking for better access to data, cost savings and better delivery of services. Having APIs at the core of an organization’s infrastructure and the functionality of a “plug and play” environment, integrates existing internal systems without a firm having to start from square one and spend time learning a completely new software system. Other technologies such as artificial intelligence, machine learning and automation also support greater efficiency, flexibility and creativity.
How GECKO makes it easier to work with existing legacy systems
GECKO Governance is an API centric piece of software however, before we go into any further detail, it is important to note the difference between integration and API. Although similar, they are not the same thing. Integration is about facilitating interaction between two machines or systems over a network, whereas API acts as an interface between two applications. GECKO can be used to accomplish integration via API, encouraging collaboration between existing systems so that they don’t have to start from square one.
Built with best practises and standards of open API (swagger.io) GECKO can accommodate a wide variety of systems. Having GECKO at the core of an organization’s infrastructure enables these systems to work together in harmony, avoiding teams being siloed and disconnected.
- Increased Collaboration
GECKO connects a firm’s core applications to instill a more collaborative workflow, improve processes, and document clearer communications. With various teams working on multiple projects, an API centric system facilitates the coordination of work and cross-functional management. GECKO supports all teams by connecting the fundamental tools that they are already using, in order to reduce the time needed to find the data thereby increasing productivity.
2. Operational Efficiencies
This increased collaboration will create many operational efficiencies, resulting in both time and cost savings. One example is the administration, and client onboarding process, (i.e. chasing documentation, saving files on drives from email, filling in excel sheets, etc), which can be simplified and automated so there is nothing to worry about.
3. Improved Data Governance
All teams have one, centralised platform with the availability of a single source of truth. The ability to manage and track all activities with a real-time stamped audit trail demonstrated the steps taken to provide clear accountability.
4. Minimising the passing of information
Cut out forward and back emails — Our system being API centric fits around and interacts with your existing systems/software. The ease of access to data no longer makes reporting or audit investigations laboursome or time consuming, reducing duplication, manual work errors and inefficiencies.
“We found GECKO has been central to our existing clients success. By using the GECKO system prior to the pandemic meant they were on top of digitisation and they realised a lot of benefits for their overall business practises and processes that could efficiently be executed remotely and on a secure system.”
Through digitalisation, asset management firms seek to drive enhanced operational efficiencies and create new digital experiences for themselves and their investors.
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