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Akana Financial Services Solution

The Banking, Financial Services, & Insurance (BFSI) sector is undergoing massive disruption driven by regulatory changes and competitive pressures from FinTech startups. Serving 4 of the top 5 US Banks, 2 of the 5 largest global insurance companies, and with a strong international presence in BFSI, Akana’s Banking, Financial Services and Insurance solution helps financial institutions implement APIs supporting their critical business strategy to engage customers and partners. Akana offers an API platform for the secure creation, delivery, and management of highly scalable, reliable APIs that allow development teams to create multiple applications all with the same security and quality of service commitments. The Akana Platform opens communications between banking, financial services, and insurance companies, their customers, and their emerging partner ecosystems.

The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, a suite of on-premise products, and as a hybrid deployment. Click here for more details.

New Banking Channels

Deliver New BFSI services

Digital transformation and innovation in banking, financial services, & insurance is being driven by recent technology trends and regulatory changes. BFSI companies must find new ways to attract and retain customers with innovative technology solutions providing their services anywhere, anytime, and on any device. Today's BFSI companies must offer new services in new ways, including:

  • Payment modernization - quickly pay friends across banking infrastructures
  • Transaction banking - seamless international banking transactions
  • Mobile wallet - move to a cashless society via mobile Apps
  • Instant credit - multi-channel access to credit
  • Investment services - research and manage investments quickly from anywhere
  • Quote and claim services - omni-channel sales and deliver for insurance

All of these services must be delivered via APIs to enable an omni-channel approach, and of course all of these APIs must be effectively managed and secured.

Leverage Financial Systems Interoperability

Banking, financial services, and insurance companies are being forced to open up their systems to foster innovation leading to better services for customers. Some companies are able to leverage this emerging interoperability to drive competitive advantage, while others are simply responding to regulatory pressures. Akana’s standards-based, highly-secure platform enables safe and rapid connections between BFSI companies and customers. Interoperability initiatives in BFSI include:

  • PSD2 (Directive on Payment Services) - a European Union directive for the creation of an EU-wide single market for payment services
  • XS2A (‘Access to the Account’) - actually forces banks to facilitate access via API to their customer accounts and provide account information to third party apps

The regulations mandate the use of APIs, and go so far as to require specific auditing and security capabilities for these APIs.

Interoperability
Data Protection

BSFI Data Protection

As banking, financial services, & insurance companies become more open and interoperable, they must ensure that the right people have access to the right data and are able to perform the right tasks. They must eliminate vulnerabilities, and ensure that their systems are properly protected against attacks. Akana offers the industry's most secure solution:

  • Akana is a hardened PCI DSS v3.0 Level 2 certified service provider
  • We use industry leading secure development practices with source code scanning built-in to our continuous delivery processes, combined with regular automated and manual penetration testing to ensure the security of the platform itself
  • Provides a built-in access control system and integrates with leading identity and access management providers
  • Ensures the privacy of data in flight and at rest with a built-in PKI and key distribution model including comprehensive HSM integration
  • Provides integrated denial-of-service and threat prevention
  • Offers the richest authentication and authorization capabilities including; OAuth, OpenID - Integrated STS, SAML 1.1/2.0, and JWT support

Exposing financial data via APIs means paying particular attention to the security and monitoring of these APIs to protect against attacks and risk of data leakage.

Application Modernization

To compete effectively, established BFSI companies must consolidate and modernize their application portfolio taking advantage of advances in architecture and development best practices to quickly deliver applications that can meet their scale, distribution and reliability requirements. Akana's financial services solution includes comprehensive governance and DevOps capabilities:

  • Reorganize applications leveraging APIs and microservices
  • Manage the development lifecycle and assets, including the application topology and deployment blueprints
  • Maintain an audited approval process to control changes to key assets

Modernizing applications with APIs requires careful planning and management of the lifecycle of the applications, APIs, and the development process as a whole to ensure optimal outcomes.

Modernization
Globalization

Expand and Support a Global Customer Base

Today's financial institutions and service provides serve an increasingly global community. They must be able to offer their services globally, complying with regulations in multiple jurisdictions, and handling the scaling and distribution requirements of a fast growing global customer base. Akana's financial services solution is uniquely equipped to support their requirements with:

  • A global set of datacenters hosting API endpoints
  • 24/7 Operational Management with 99.99% uptime
  • Auto-scaling on demand
  • Global CDN with SSL and certificate validation
  • Global Traffic Management

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