Empaxis developed custom APIs tailored to each custodian and data source, enabling seamless data extraction and integration into the investment firm's central data management platform.
Empaxis Skills Provided
- Backend Developers: Expertise in Python, Java, or .NET for building robust server-side applications.
- Database Technology Experts: Proficient in relational (SQL) and potentially NoSQL databases for storing and managing extracted data.
- Web Scraping Specialists: Possesses knowledge of tools like Beautiful Soup or Selenium for extracting data from websites lacking structured APIs.
- API Designers: Understanding of RESTful API principles & best practices.
- Security Specialists: Familiarity with authentication and authorization mechanisms (OAuth, API keys) for securing sensitive financial data.
Development Timeline
Phase 1: Discovery & Planning (1-2 weeks per custodian)
Thorough analysis of each custodian's data formats, access methods, and documentation.Design of API specifications tailored to each source.
Phase 2: Development & Testing (2-4 weeks per custodian)
Building of custom API endpoints.Implementation of error handling and security measures.Rigorous unit and integration testing.
Phase 3: Deployment & Integration (1-2 weeks)
Deployment of APIs to a secure environment.Integration of APIs with the firm's data management platform.
The custom API development delivered a significant return on investment, with the following benefits:
- Reduced Manual Effort: Elimination of time-consuming data extraction and transformation tasks, freeing up staff for higher-value work.
- Improved Accuracy: Automated data flow minimizes the risk of human errors associated with manual data entry.
- Faster Reporting: Real-time access to consolidated data enables quicker insights and decision-making.
- Enhanced Scalability: The API-driven approach accommodates new data sources and increased data volumes without significant process overhauls.
Investment Considerations
- Internal Development vs. External Partner: Assess in-house developer availability and capacity vs. engaging a specialized software development firm.
- Ongoing Maintenance: Budget for API updates as data sources or custodian systems evolve over time.
Reasons to Partner with Experienced Systems Integration Experts
- Domain Expertise: Deep understanding of investment operations workflows, data nuances, and regulatory requirements.
- Trusted Relationships: Established connections with custodians can facilitate smoother access and collaboration during API development.
- Focus on Security: Prioritize the protection of sensitive financial information with robust security practices.
