DreamFactory and Open Banking

The first Australian Open Banking iteration deadline is fast approaching. Major banks are required to be in a position to release generic product data by July, 2019, followed by customer and transactional data from February 2020 and onwards. At this current stage, banks have two choices: focus solely on delivering the obligatory compliance requirements, or cease the opportunity to deliver a strategic customer centric and value-add response. Whatever the decision, DreamFactory can help to fast track the delivery of your Open Banking program. Stress less by automating data integration. Save costs without the need to hire developers. Save time to focus on more Open Banking strategies. Here’s how:

Speed of Execution

DreamFactory can instantly generate REST APIs from 18 different databases. Each API includes complete Swagger documentation, and is secured by default. Once generated, you can use point-and-click controls to add:

  • Role restrictions: restrict which tables, views, and stored procedures are accessible.
  • Limiting: Limit API access according to API key, user, HTTP method, service, or any combination therein.
  • Logging: Integrate with the powerful Elastic Stack to create real-time dashboards capable of monitoring API health, request volume, and any other conceivable metric.
{
    "data": {
        "accountId": "499387762",
        "displayName": "John Q. Smith",
        "nickname": "personal",
        "openStatus": "OPEN",
        "accountNumber": "44455578889",
        "creditCard": {
            "minPaymentAmount": "45.00",
            "paymentDueAmount": "75.00",
            "paymentCurrency": "USD",
            "paymentDueDate": "2019-05-21"
        },
        "loan": {
            "originalStartDate": "2019-04-10",
            "originalLoanAmount": "15500",
            "originalLoanCurrency": "USD",
            "loanEndDate": "2024-04-10",
            "nextInstalmentDate": "2019-05-10",
            "minInstalmentAmount": "100",
            "minInstalmentCurrency": "USD",
            "loanPurpose": "INTEREST_ONLY"
        }
    }
}

Customer Empowerment

DreamFactory's Data Mesh feature can merge data from multiple databases, even if these databases hail from different vendors and reside in different clouds . This opens up a world of opportunities for easily creating new services and reports for banking customers. This merged data can then be passed through DreamFactory's scripting interface, allowing you to carry out tasks such as:

  • Perform real-time translations: Response data can be passed through third-party APIs such as IBM Watson, allowing you to perform real-time language translations or currency conversions to suit customer preferences.
  • Obfuscate and delete sensitive data: Naturally some data won't be intended for viewing by restricted parties; you can easily obfuscate or altogether remove this data via one of four supported scripting engines.
  • Rename and reorder response payload attributes: Some clients have different data requirements than what is provided by the source; you can easily rename and reorder response attributes to suit any specification.

Service Flexibility

DreamFactory is by no means limited to solely auto-generating database APIs. The platform supports literally thousands of third-party data sources and services, including e-mail delivery, mobile notifications, REST and SOAP services, and custom scripted services. This opens up a whole new world of possibilities, including:

  • Mobile application integrations: Push and pull data across networks, through different applications, and create entirely new services using DreamFactory's powerful workflow automations.
  • Centralised Forex API management: DreamFactory can act as a proxy for any third-party REST service, meaning your team can easily reference a single API endpoint for all Forex queries.
  • Text message-based queries: It's easy to add Twilio, Nexmo, and other text message delivery providers to DreamFactory, allowing you to create custom messaging solutions that plug right into your internal systems.

Let's talk

DreamFactory works with many of the world's largest banks and financial institutions, helping them to build and deploy powerful solutions under budget and on time. We'd love to schedule some time to learn more about how we can help you! DreamFactory is a United States Software Company based in San Francisco, with offices in Sydney, Melbourne, and Canberra. We serve Fortune 500, 50 & 10 customers alongside Global 2000 business in Asia, Europe and the Pacific. Contact us at [email protected] or press the button below to schedule a meeting with our team!

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