{"id":45946,"date":"2021-12-01T15:00:00","date_gmt":"2021-12-01T15:00:00","guid":{"rendered":"https:\/\/dev.solifi.com\/blog\/connect-disparate-systems-with-apis\/"},"modified":"2024-04-12T08:44:15","modified_gmt":"2024-04-12T07:44:15","slug":"connect-disparate-systems-with-apis","status":"publish","type":"blog","link":"https:\/\/www.solifi.com\/de\/blog\/connect-disparate-systems-with-apis\/","title":{"rendered":"Connect disparate systems with APIs"},"content":{"rendered":"\n

In this five-part blog series, we identify the top four challenges working capital* lenders face and how software-as-a-service (SaaS) technology can help you overcome those challenges today and futureproof your business for tomorrow.<\/em><\/p>\n\n\n\n

Part 3 in this series focuses on how SaaS technology connects multiple internal and external working capital finance software systems through pre-built application programming interfaces (APIs). APIs deliver innovation solutions to create streamlined processes and offer innovative solutions for your working capital finance customers.<\/em><\/p>\n\n\n\n

*For simplicity, we generally define working capital<\/a> as invoice finance and asset-based lending<\/a> (ABL) finance. Invoice finance includes recourse and non-recourse factoring, invoice discounting, and shadow ledgering. Asset-based lending finance includes accounts receivable, inventory, equipment, and term-loan lending. The structure of these working capital finance lending arrangements varies regionally.<\/em><\/p>\n\n\n\n

First, what is an API?<\/h2>\n\n\n\n

API stands for application programming interface, which allows different application technologies to share data, connect software programs, talk to each other in real time, and gather meaningful insights from a number of resources with the goal of creating a fully integrated end-to-end digital customer journey. This means you don\u2019t need to use IT resources to build connections with all business-supporting applications such as credit reporting, e-signatures, ID verification, document creation, accounting, and risk management, etc.<\/p>\n\n\n\n

In the simplest of terms, an API is the functionality happening behind the scenes that connects apps (or applications), so they work. And you use APIs every day in your personal life \u2013 like Google Maps. Or have you used that pop-up that gives you the ability to log in using your Google profile or Facebook login? The functionality that allows you to access the products or services seamlessly is because of an API that provides the connection between applications. Streaming services like Spotify or Netflix also use APIs allowing for movies, music, and other media to work effortlessly on all of your devices.<\/p>\n\n\n\n

That same SaaS technology allows you to connect internal and external systems through these pre-built third-party APIs to create a seamless workflow and gather meaningful insights so you can focus on growing your working capital business.<\/p>\n\n\n\n

API product partner examples for working capital lenders<\/h2>\n\n\n\n

Services are becoming more complex and require multiple products to create an end-to-end digital customer journey. You don\u2019t want or need to build your own products if technology experts have already built them. Rather, you require an easy way to connect your systems with product partners who already offer a proven product or service. And the easiest way to do that is by leveraging API technology through a fintech provider like Solifi.<\/p>\n\n\n\n

Here are a few examples of frequently used applications to connect with using plug-and-play APIs to resolve secured finance challenges.<\/p>\n\n\n\n