Automatically normalizes and standardizes data
Each bank has its own data standards. Every API stream – from transactions to payments and trade finance – requires its own set of instructions running into hundreds of pages each. Building just one of these API connections can take years of work by dedicated IT specialists. Building multiple connections for multiple banks absorbs time and budget most companies are naturally reluctant to make. Necto leapfrogs development complexity, automatically normalizing all incoming data from your banks into one single, standardized format that is simple to connect to.
Any bank API must run the gauntlet of corporate IT security standards – no treasury can connect to a bank API without IT approval. Before acceptance, the bank API must meet your company’s rigorous security protocols, such as the ability to sign the JSON web token with an X509 certificate. Necto comes prebuilt with the most advanced security protocols, including end-to-end encryption of data at rest and in motion, accelerating corporate IT approval
Bank data is only as valuable as its utility, and utility means direct integration with existing corporate systems like ERPs and data lakes. These integrations can be complicated – but without them, corporations and their treasury teams cannot extract the full value of their incoming bank data. From the start, Necto was designed to easily integrate with existing systems, with end points that are simply plug-and-play, so you get all the bank data you need in real-time, without the connection headaches.