Kyle-Headshot-High Resolution_-517

Janusea Launches New API Platform to Connect Credit Union and Bank Cores with Today’s Fintechs

Kyle Stutzman headshotJanusea, a leading fintech company focused on integrations, has launched a new API Cloud Platform to connect financial institutions’ legacy cores with today’s growing population of fintechs. Janusea’s integration platform works by providing a common message set, developed with the community financial institution industry, that enables one message set to be translated to legacy messaging.

According to Janusea CEO Kyle Stutzman, fintechs don’t have to write to multiple legacy systems anymore, and credit unions and community banks don’t have to re-implement legacy connections for new fintech solutions. Janusea’s API connection can be used for all fintech solutions, connecting these two worlds and allowing more financial institutions to benefit from the latest fintech solutions.

“To put it plainly, Janusea provides the solution, not just a tool,” explains Tina Baker, Janusea Chief Product Officer.  “We fully host, integrate, support, and maintain all connectivity.  We solve the problem and enable innovation by connecting two separate worlds, bringing value to both.”

Baker says the lack of core integrations limits and confuses FIs who need to know if systems can integrate.  Integration limitations and ongoing maintenance impede fintechs’ ability to implement and scale their solutions with community FIs.
Stutzman adds that many credit unions and community banks have limited resources and experience with their integrations and data sets.  “They need a turn-key integration solution and someone to help guide them through a quick and successful implementation, secure connections, and ongoing maintenance and support of the connections,” he says.

According to Terry McMullen, Janusea Chief Operations Officer, the technology firm took parts of the Kiva Group and Pure IT Credit Union Services to create this new Janusea solution.  This solution brings over 20 years of core data integrations, credit union, community bank, and fintech experience and connections.

“The combination of technology, people, and experience is powerful to connect these two worlds for a better future,” he says. “For added clarity, both Kiva Group and Pure IT continue forward with their missions and services but have contributed all key assets, people, and resources related to APIs into this new organization to transform integrations for community financial institutions.”

“Janusea is not the next single-focused fintech application.  It is not the next digital bank or credit union app,” Jack Smith, Janusea Chief Revenue Officer, says. “Janusea is the catalyst that will take what is currently smoldering and blow it up into a transformation explosion, leveling the playing field so that all fintech solutions and financial institutions can work together without barriers.” 

real-time vs batch

Financial Systems Integration: Real-time vs. Batch

Integrations: Real-time vs. Batch

When an FI talks with a fintech or software vendor, the question is often: Do you work with my core or systems? That is the start of the questions, not the end. It would be best if you kept asking questions. Here is one: Is the integration Real-time or Batch?

Batch Integrations: These are point-in-time extracts of data that moved from one system to another system. They often focus on large quantities of data. The data available in the software or fintech providers application is static based on the batch’s point in time of the extract.

Advantage(s): Large quantities of data can be moved with one or a series of files. Processes of data can happen when systems are less busy to reduce the impact on other vital transactions or operations. 

Disadvantage(s): These are often one-way data movements. The data can become outdated and old quickly. You have historical information but no access to current balances or member/consumer data.

Example(s): Data Warehouse, Positive balance files for debit/atm used in off-line situations, MCIF or marketing systems.

Real-time Integrations: These are active integrations, often through API (Application Programming Interface), that read and write data in real-time processing. Data is current and consistent between systems.

Advantage(s): Consumer/member data is available and live. Data changes can be written between systems to update data fields, process transactions, disperse loans, etc. 

Disadvantage(s): Large data movement can stress systems. Historically real-time integrations have been difficult and costly. This is changing with new approaches like Janusea’s platform and others working on integration frameworks and toolsets.

Example(s): Digital banking platforms, ATMs and Advanced Kiosks, Teller and Workflow solutions, call center applications that can do teller functions, etc

Both: Applications and business cases may need batch updates and real-time calls.

Example: CRM for banks and credit unions often do nightly batch pulls and real-time updates for consumer/member screens, workflow’s final writes of addresses and demographic changes, transfers, loan payments, etc. 

Hybrid: We define hybrid as real-time calls that kick off batch processing or data movement outside the API stream. This is particularly useful when systems’ API options are limited or need to be expanded. 

Example: Loan Application and Processing Systems are a good example. They may use real-item APIs for automating applications with pre-filled applications and underwriting systems, for adding a member/consumer to a core system, and for booking and dispersing a loan. But then use an API call to trigger the SFTP movement of all loan document PDFs outside of the API stream to a folder for e-document system processing. They may also use an API call to trigger a nightly reporting or loan queue process creating point-in-time information and reports sent to loan officers and executives. 

As consumer/member expectations have increased and fintech options to meet those needs have grown, real-time APIs have become more critical. For your credit union or bank, the best approach is to match the capabilities of the integration to your business case and needs.


Bad Data is Kryptonite to your Integrations

You probably already know about bad data if you’ve done any data projects lately. A simple example is demographic information such as addresses, phone numbers, or email addresses that are not formatted correctly or have odd characters.   We often get questions when testing an integration on why data isn’t returned and an error is received instead. That is often the best case and desired outcome for integration testing when there is bad data. Some standards and checks ensure that data conforms to the desired type.  Integrations with 3rd parties that encounter bad data can show data to members or consumers that are unintended, create broken underwriting or automated processes, fail to send alerts or mailings, or completely block access to critical services for members or consumers.

So, what do you do? If things are working, you probably don’t know about your data quality issues. You may even have systems or processes continuing to expand the problems. You can proactively use data tools to validate that all your data conforms to the expected data types. Many FIs don’t prioritize that type of project until they get into a significant data initiative.  

Short of that larger project, you can build a data quality check into your processes for new solutions and integrations. Understand your data model and requirements, or work with someone who can help. Make sure new solutions and processes don’t introduce new data issues. Use the data fields or use cases for your project to validate the key data in your systems as part of your planning and preparation for the new solution. The data cleanup is worth it. Data cleaning isn’t fun but necessary and much better to address before issues and errors arise.