At Tiimely, we understand that selecting the right platform is about more than just features—it’s about confidence in the technology that powers your business. That’s why we’ve compiled things you should know into one resource.
From compliance standards like CDR and ISO 27001 to cybersecurity best practices, scalability for growth, and the power of modern APIs, we break down the key elements of what to look for in a lending automation platform.
Whether you’re looking to enhance security, streamline operations, or future-proof your lending capabilities, this guide is designed to help you make informed decisions.
Public APIs
Choosing the right API integration is key to unlocking efficiency and scalability. APIs (Application Programming Interfaces) are the bridges that enable seamless communication between different software systems, allowing them to exchange data and functionalities efficiently.
For businesses, particularly in financial services, APIs are essential for integrating third-party services, scaling operations, and delivering a connected, user-centric experience. Here are some things to look for to ensure your solution stacks up.
Security
The API should be secure, ensuring that data is protected from unauthorised access. This involves implementing strong authentication and authorisation mechanisms, data encryption, and regular security audits.
Enterprise grade
The API should be robust and scalable to meet the demands of large organisations. This includes handling high volumes of requests efficiently and ensuing minimal downtime.
API Types
- RESTful - a widely used architectural style that uses standard HTTP methods (GET, POST, PUT, DELETE) and is stateless, making it easy to use and scale.
- GraphQL - a query language for APIs that allows clients to request exactly the data they need, potentially reducing the amount of data transferred over the network and improving performance.
Documentation
- API Specs - Detailed specifications that describe the API endpoints, methods, requests/response formats, and data models.
- "How to" Guides - Step-by-step instructions on how to use the API for common tasks.
- FAQ's - Answers to frequently asked questions to help users troubleshoot common issues.
Utilities
- SDK's (Software Development Kits). Pre-built libraries and tools from various programming languages that make it easier to integrate with APIs.
- Postman - A popular tool for testing APIs that allows developers to send requests to the API and inspect the responsiveness.
Publicly Available API documents.
Having the API documentation available publicly indicates transparency and a mature, robust technology platform. It allows potential users and developers to evaluate the API before committing to using it.
Configurability
‘Configurability’ in your lending automation solution should not be just a nice to have – it's an essential feature to tailor the technology to meet your specific needs, but also to stay agile, compliant and competitive.
Business Configuration
The solution should allow for flexible orchestration so your business can customise what data to ingest, and tailor your risk appetite and other settings to match your unique processes and requirement.
Templates
Pre-configured templates can help your business get started quickly. These templates should be based on common use cases and industry best practices, allowing you to be in operation without extensive customisation.
Flexibility
While templates provide a quick start, the platform should also offer the flexibility to make further configurations as your business scales and needs evolve. This ensures the solution can adapt to changing business requirements over time.
Cyber and Information Security
Cyber and information security are the practices of protecting systems, networks, and data from unauthorised access, theft, or damage. In financial services, these safeguards are critical to maintaining trust, ensuring regulatory compliance, and protecting sensitive customer information in an increasingly digital and interconnected world.
With Xapii, it's built in, including bank-level encryption, embedded digital compliance, SOC2 compliance and CDR accreditation.
Cybersecurity
Look for evidence of robust defences against cyber-attacks, such as firewalls, intrusion detection systems and regular security assessments.
Information Security
The solution must have data integrity with guaranteed confidentiality and availability through encryption. Secure data storage and compliance with industry standards is paramount.
Compliance
Compliance frameworks ensure not only that data is protected, but also that it’s managed with transparency and integrity - here are some to look for.
- CDR (Consumer Data Right): Ensuring data portability and consumer rights to their data.
- ISO 27001: An international standard for information security management systems.
- SOC 2: A framework for managing customer data based on five "trust service principles"—security, availability, processing integrity, confidentiality, and privacy.
- ACL (Access Control List): Managing permissions and access to ensure only authorised users can access certain data or functionalities.