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Creating an API marketplace to support strategic growth of a large financial firm in USA

The Client

Our client is one of the largest independent broker-dealers in North America with over 24000 financial advisors on their platform.

Business Challenge

Our client wanted to double its count of advisors in 3 years. However, it was facing challenges since Advisor applications were using third party application/APIs which had high vendor dependency for change, long development cycle, data inaccuracy and slow response time.

Coforge Approach

Coforge studied the system and realized that years of legacy technical debt had intertwined with the business rules, application logic, and data making the system unwieldy and difficult to maintain and long lead times for feature enhancements could not support the company’s rapid expansion plans. Coforge used a domain driven model placing the project's primary focus on the core domain and domain logic and legacy decomposition best practices. It created a blueprint for the strategic solution to unwire business layer from data and used best practices in integration, serverless design, cloud, and data to create a microservices based architecture to re-wire business layer into serverless APIs hosted on AWS cloud. Coforge started the project with an onsite team for the development and deployment phase of the project. Solution will end with creation of 1000 APIs and an API Marketplace that will allow innovative pricing and delivery of services to multiple clients.

The Result

Creation of API Marketplace opened a whole new segment to monetize, leveraging the revamped, now-scalable core platform.

Enabled digital transformation and business agility by improving communication between applications and streamlining business capabilities.

Faster Time-to-Market – With API-led integration, client can achieve a distributed pattern of releases, enabling them to prioritize certain integrations depending on data sources and complexity. Allows to go live with a complex piece of integration in just 2 weeks.

Solution provided highly maintainable APIs and reduction of server footprint. Also, it helped in decommissioning legacy technologies such as Tibco resulting in saving on license cost. Coforge will also provide postproduction offshore support which will further help in reducing the operations cost.

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