DIGITAL GLUE
LEADERSHIP
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T echnology giant MuleSoft is a leading provider of integration software which enables businesses to connect applications , data and devices . In an increasingly connected world , having the right infrastructure in place becomes ever more vital for the finance industry . With the sector being disrupted by open banking and every institution or fintech worth their salt adopting APIs , what exactly does this mean for a connected financial future ?
DIGITAL GLUE
An application programming interface , or API , is described by MuleSoft ’ s Danny Healy as “ digital glue ”. The financial technology evangelist continues : “ They are what makes it straight forward for one application to exchange data and communicate with another application .” For example , mobile apps can connect to a database belonging to an organisation via APIs to facilitate communication and allow the device to access the right data .
The connectivity afforded by this “ digital glue ” allows banks to utilise third party capabilities , says Healy . “ If you
“ IF YOU CAN ORGANISE YOUR CAPABILITIES INTO AN APPLICATION NETWORK , YOU CAN ESSENTIALLY PLUG IN NEW FEATURES TO EXISTING BACK-END SYSTEMS ”
Danny Healy Regional Executive MuleSoft
can organise your capabilities into an application network , you can essentially plug in new features to existing back-end systems ’,” he explains .
This way , a bank needn ’ t develop all the software or tech it needs by itself , and can collaborate with technology organisations to improve its offering . This has promoted a shift in the way even the largest FIs operate . “ The way banks think about their application net- work is not just the systems exposing the
MAY 2019