Integration is a bedrock in FinTech allowing API economy to run up rapidly. A year ago SDK Finance has been shift to API-first development paradigm which emphasizes building application components as APIs.

2017 became an API growth period for SDK.Finance company. Now it’s time to present our API progress and celebrate a New API release which expanded from 0 to 246 APIs within the last year.

CEO of SDK.Finance, Alex Malyshev said: “Since we started an API project we can mark two aspects which significantly influenced on our client's product: time and budget. An average time of launching a product on SDK platform decreased to 3 months. An average development cost became 5-7 times less. As a result, we found a lot of thankful clients. So today we can serve more customers from different countries with the same number of developers in our state.”

CTO of SDK.Finance, Pavlo Sidelov said:“Before we started developing an API, we changed the architecture of the platform and conducted internal team training that prepared us for a new development paradigm. One of the tasks was the choice of the framework for API development. We looked through a lot of different frameworks and decided to choose the world’s largest framework Swagger. It allows our clients to use any development language: Java, PHP, Python, etc. API exposure is not costly and during last few months, we managed to issue 10 API endpoints per week. Any new feature we first design on API and then deploy it in the system. Today not all platform functionality was transferred into API form but we plan to achieve it by the end of this year.

Just imagine that you need to develop a new payment system. 3 steps need to be done here: design, frontend, and backend. 30% of your time and budget is spent on design of users clients interfaces and front-end. Left 70%, a hardest part on back-end development. When it comes to integration on top of API SDK.finance it decreases the time of your product launch in 3-5 times. As an additional benefit your product is running on the stable and powerful platform which minimizes a probability of errors and guarantees stability of your product.”

Functionality enables through API:

A wide range of services can be built on top of API of SDK.finance: payments and loyalty functionality including payment cards, online-banking, electronic money issuing, money transfer, top up, withdrawal, recurring payment, invoicing, cash back, bonuses, points, discounts, e-wallet management, currency exchange, external transactions using different payment methods, and a lot of other functionalities.

As we can see this functionality cover all you need for creating a digital bank, payment service or loyalty program. API integration layer is like an oil in the engine of global FinTech ecosystem.

API Economy in FinTech

A lot of market experts pay attention to the fact that it is the financial sector where integration is of critical importance. Introduction of the API has become a major innovation in the financial market. In the pre-API era, integration between various systems in the FinTech took years. In many cases, this situation is still relevant today, many excellent projects and initiatives remain unrealized or come to the market too late due to integration absence.

Today, the SDK.Finance API allows clients to launch payment services and loyalty programs as soon as possible. Integrate backend work with front end much faster with lower Capital expenditure (CAPEX).