Financial services

The challenge

A stock exchange built a platform to provide infrastructure to the OTC (over the counter) market participants, providing partnering institutions digitized access to a number of financial services. It turned to Digibee to modernize and digitize this ecosystem by building a modern integration platform for its partners. They sought to facilitate the integration of companies such as banks, brokerages, and managers to the market’s legacy systems – leveraging security, speed and flexibility.

Central challenges included:

• Facilitate partner integrations from organizations with disparate legacy technologies to a centralized, proprietary platform
• Ensure security and privacy for participating financial institutions
• Avoid the need for point-to-point integrations built by scratch for every partner

“I had the option to build everything within our internal system, but it would be too time consuming and not meet our customer’s time to market.”

Vice President of Technology and Cybersecurity

The Objective

Digibee was faced with the task to automate activities related to the proprietary partner platform. The platform was an innovative solution consisting of a network of services that automates and standardizes the exchange of information between participants. In addition, the customer wanted the solution to be up and running within a 60 day timeline.

The plan

Digibee developed APIs that were connected to the systems, creating a new way of connecting to the OTC registration platform. Choosing this solution would speed up the response to customer demands. In addition, to allow for a fully reliable and secure environment, a double layer of authentication was developed.

How it works:

1. The exchange issues a certificate to customers who wish to consume over-the-counter services
2. The Digibee product validates this certificate with a previously registered key
3. The participant receives a token via device, validating the issuance of certificates
4. Customers then have access to the APIs – and all operations and assets present

The Outcome

Using agile methodology and several exchanges, the entire process was completed in just 60 days, from design to start of operation.

With speed and security, integrations with Digibee's iPaaS solution resulted in:

• Increased revenue and registration of new assets
• 50+ APIs in production
• API exposure of 14 financial products
• 2 new flows created for sending contracts to and from banking institutions

>> Book a personalized demo with our team of experts and see how Digibee’s iPaaS will bring efficiency to your business.

‍