FI.SPAN CEO, Lisa Shields, sits down with GLENBROOK's George Peabody to discuss the gap in the FinTech industry and how FI.SPAN is solving the problem. For the full interview, click here.
"In other words, FI.SPAN proposes to be the glue that connects legacy code or a processor's banking platform to the growing base of fintech point solutions in the market." - George Peabody, GLENBROOK
FI.SPAN CEO, Lisa Shields, is at it again with another published article in PaymentsJournal, talking about how banks can better serve businesses. Read the full article here.
"Often competing for the same business customers, banks and fintech startups have been at odds for quite some time. But as it turns out, they may be better together. By working with fintech startups to populate and launch a solutions marketplace, banks can meet the needs and expectation of businesses, regardless of their size, industry or other unique needs." - Lisa Shields, FI.SPAN CEO
FI.SPAN CEO, Lisa Shields, sits down with bobsguide to talk about how she groups FinTechs into services and the ease with which banks can access them through APIs. Think Android app store but for banks. Read the entire interview here.
" How do I see PSD2 evolving? [...] The reason I think it's a good development for society is because it is forcing a discourse around what open banking looks like. In my view, it's a necessary step to the ultimate end state that is beneficial for banks, customers and fintechs." - Lisa Shields, FI.SPAN CEO
Examining the latest news in the space from blockchain’s applications for B2B payment transactions and data tracking to new developments in the quest to improve cross-border transactions, PYMNTS releases the first B2B API Tracker of the year! Read the full tracker here.
"I think ultimately all banks will be API-driven in the fullness of time " - Laurence Cooke, Founder and CEO of NANOPAY
FI.SPAN CEO, Lisa Shields, shares some very interesting thoughts on safeguarding customer information in an article posted in Bank News. Read the full piece here.
"In a world where banks are forced to open the data vault, some fear that sharing customer financial data may open the door to a surge in cybercrime. The role banks play in financial data security and data exchange will soon be changing, and many banks are preparing for what an open banking environment will bring." - Lisa Shields
PaymentsSource mentions FI.SPAN in "As PSD2 nears, fintechs ramp up their outreach" article, with an interesting take on new payment and data sharing rules to come in 2018.
"Banks and fintechs will join forces to create more customer-centric offerings. So you'll have a bundling of traditional banking services with other services from startups that create a range of products." - Tuomas Nenonen, manager of product and business development for Nets
The December edition of the PYMNTS.com B2B API Tracker, a FI.SPAN collaboration, highlights the latest developments that are changing the pace of payments, including delivery across borders and notable collaborations between traditional banks and FinTechs.
" [The API economy is] an ecosystem of entities, and the connective tissue is APIs." - Tom Eck, CTO of industry platforms at IBM
FI.SPAN is very excited to share the news of our first customer, Beanworks, in this press release! We are looking forward to working closely with the team.
"Beanworks believes in our vision of sharing modern business services within the corporate customer's primary business applications," said Lisa Shields, FI.SPAN CEO and Founder. "We're thrilled to match the quality of Beanworks' accounts payable automation user experience with experience with a very modern portfolio of payment services."
FI.SPAN's message from FinovateFall in New York City this past September is still resonating across the country. CEO, Lisa Shields, took part in a Q&A with David Penn from Finovate to get a deeper understanding of the company. Read the full article here.
" The solution helps banks open up a new business banking channel via accounting and ERP apps which, "embed(s) your brand and your products into your client's daily workflow."" - Lisa Shields
I recently read a great article in Payments Source that reminded me of some of the problems we were trying to solve when we first architected FI.SPAN. FI.SPAN is meant to answer some of the issues that banks face when dealing with API development and FinTech collaborations. Specifically, the security, monitoring, implementation and standardization issues around these APIs are hard for banks to tackle on their own. We have taken these issues and created a platform that is secure, scalable, and optimized for banks’ needs. Our goals of making APIs reliable, reducing implementation costs and saving time have made FI.SPAN into the product it is today.
The article brings up a few interesting issues:
It Starts Design but Ends With Security
“Developing APIs is only one part of the equation. Equally important is testing them for performance and security, more so considering that the various data masking and restrictions at play make bringing live data into test environments difficult.”
API design and management is a very specific development practice. Banks (with some notable exceptions) aren’t known for developing world-changing APIs. Even once an API is designed, there remains the issue of testing how it looks before even testing its security. By using FI.SPAN, banks don’t need to waste time and resources developing, testing and revising in-house APIs. FI.SPAN has already done the hard work of generalizing functionalities and designing the optimal protocols. All banks need to do is plug in.
Banks also need to resolve API security, once the functionality is under control. But, banks don’t do APIs every day. Most banks don’t use APIs externally and have little experience exposing APIs externally over the internet. To deal with API security concerns, traditionally a bank’s IT team would have to research and implement the appropriate security measures. With FI.SPAN, stringent security measures are already in place and have held up to the best practices and scrutiny of multiple bank and FinTech partners.
Continuous Monitoring is Key
“Open APIs will require comprehensive and proactive monitoring around availability, performance, security and other dimensions.”
Banks have to answer to both customers and regulators. As a bridge between banks and FinTechs, FI.SPAN ensures that availability is never compromised, and issues of downtime are managed strategically to minimize customer disruption. Companies like Google and Amazon invest a lot of money in getting this technology right, since it is central to their business model. These big companies have the luxury of hiring hundreds of developers to work on monitoring and performance once APIs are designed and enabled. A bank doesn’t necessarily have these resources. FI.SPAN is a smaller player, but we specialize in this technology so that banks don’t have to, but they can still play with the big guys.
Implementation Must Be Seamless
“Going forward, banks should embrace a Microservices framework of loosely coupled services that can be built, tested and deployed on a standalone basis.”
Most banks are too large to be agile in new technological deployments. When banks do implement technology improvements, they aren’t easily scalable. FI.SPAN was built to be scalable on demand. Our platform leverages the power of microservice architecture & cloud infrastructure to allow banks to scale our solution to fit their unique needs. The FI.SPAN layer provides a bank with the agility that their current stack likely does not today.
Historically, banks have been in charge of their own datacenters. When the time came to upgrade or add additional machines, it could take up to six months to get the technology needed to support additional traffic. Banks’ systems just aren’t easily scalable. FI.SPAN uses the power of cloud infrastructure to enable scalability on demand. When you need additional power to handle the greater workload, you put in the request, and your additional capacity is ready in seconds, not months.
Standardization is Paramount
“Finally, ensuring standardization and integrity of customer data, while complying with relevant regulations, will necessitate adoption of industry-wide standards on data interoperability.”
Banking is a highly regulated industry, and for good reason—no data is more precious than customer data. All customer data that interfaces with FI.SPAN is encrypted. We employ specialized firewalls to protect against DDoS attacks. What’s more, we rely on secure API-based data access, which eliminates the necessity of using screen scraping to retrieve customer data (no more password sharing is required). Open APIs are a more efficient way of communication between banks and FinTechs where the bank remains in control.
Regulating access to customer data through API is a more efficient use of a bank’s technology resources. When customer data is provided through user access (also known as screen scraping), banks have to deal with huge amounts of traffic to retrieve very specific pieces of information. Think of it like downloading a ten-page report, when all you need is one line of text. APIs communicate more efficiently, only retrieving the necessary information and nothing else.
A Plug-and-Play API SolutionHere at FI.SPAN, we love helping banks add value to their customers with new technology. This is why FI.SPAN was born - to allow banks and FinTechs to work together. FI.SPAN’s technology lets banks access innovative FinTech offerings without worrying about high implementation costs or lengthy procurement procedures. We truly believe APIs will change the banking industry for good, and we’re so excited to see where this evolution will take us.
LATEST FI.SPAN NEWS AND UPDATES.