When it comes to APIs, the conversation has moved on from what they are and whether your service provider offers them. Simply put, if APIs aren’t an integral part of a wealth platform, the platform is usually based on closed architecture and is therefore effectively outdated. APIs are not just future technology; they should be a well-established and integral part of any modern open architecture registry or member-engagement platform.
As APIs are both powerful and here to stay, superannuation funds should be examining the types of APIs offered as well as the technological infrastructure behind them. Dig deeper into the rhetoric to learn more, as not all APIs are created—or supported—equally. The most dynamic and flexible APIs are based on the REST open architecture protocol, enabling two-way capabilities delivered through the cloud.
What Should You Look For?
The use cases for APIs have expanded significantly in the past years. Once developed mostly for one-way engagement, they offered a simplified way for members to give or get information—e.g., to change their address or get an account balance. But the information flow wasn’t always efficient. Behind the scenes, manual work was needed to process the information.
APIs with two-way capability remove any manual processing elements. Automation on both ends of the transaction allows for straight-through processing, which improves accuracy and when built with end-to-end encryption, information security. Two-way architecture can connect multiple platforms and systems while also allowing for more sophisticated transactions like investment switches.
And, when built out of an open architecture model, APIs offer ultimate flexibility. Superannuation funds and other companies in the ecosystem can choose which capabilities they need to ensure a bespoke service model—whether from in-house or external best-of-breed providers. Open architecture also allows for more targeted, rapid integration and testing, reducing costs and increasing time to market.
Offering More Than Just Talk
At SS&C, we’ve made significant investments to update and transform our Bluedoor registry platform. To date, we have built and implemented more than 150 APIs that deliver on a wide range of servicing needs specifically for Australian superannuation funds. Our core technology supports two-way, open architecture APIs and connects components and systems across the superannuation ecosystem to provide a fully straight-through model.
We’ve also been incrementally migrating Bluedoor to a cloud-based microservices architecture. Microservices functionality will enable our end-to-end offering to be structured as component blocks, each with its own API. The combination of our microservices design and advanced APIs helps our clients de-risk implementation and ongoing development by allowing for targeted changes and efficient attainment of benefits instead of wholesale “big bang” platform modifications and testing.
SS&C’s more than 30-year presence in Australia means we have deep expertise in the needs of the local market. Supported by the strengths of SS&C’s global reach, scale, and financial strength, we offer a robust and modern set of capabilities across the service value chain. Our capabilities combine modern technological solutions with strong process and governance models.
At SS&C, We’re not just discussing technology and needs for the future—we’re actively building and defining the future. To learn more about SS&C’s API technology, contact us.
