Written by: Lydia Defranchi, Content Contributor at Axway
Axway’s Head of Open Banking, Eyal Sivan, recently joined PayPod podcast host Scott Hawksworth to discuss why open banking is so transformative for the financial services world.
Eyal Sivan on PayPod podcast
Hawksworth and Sivan talked about APIs and how they are a central technological component of open banking, as well as Axway’s story and solutions to help unlock the possibilities of open banking.
An especially colorful highlight was Sivan’s analogy of Legos as APIs, and how they relate to sprawl in large organizations:
“Lego is a common analogy for APIs. If you have kids, you’ll know what I mean: Legos are great for building stuff, you can build amazing things with all of these pieces that interconnect in intricate ways, you can break them down and build some stuff again.
But what happens to the Legos? They end up all over the floor, and next thing you know, you’re stepping on the Legos, you’re hurting your feet and yelling at your kids to put them away!
And the analogy holds: if you’re a large enterprise, you have countless systems, each with a number of APIs, and you’re continually adding more systems and more APIs. How do you govern all that? How do you wrap your arms around this sprawl?”
Amplify API Management Platform is the answer
Sivan went on the explain that Axway’s Amplify API Management Platform answers that question, with centralized governance, visibility, and monitoring of multiple gateways in a vendor-agnostic solution.
He says you can’t stop your organization from sprawling. Some vendors say to standardize on a specific platform that will handle everything for you, but Sivan calls that solution the “magic black box.” After 20 years in the business, he says it doesn’t work.
“Especially now, when you’re trying to innovate, you can’t standardize, you have to let these dev teams work in whatever language, whatever tech makes the most sense to them.
So how do you allow people to build cool things — as you would with Lego — but also find a way to put these Legos back into the boxes when you’re done, keep track of the Legos so it doesn’t start getting all over the floor?
That’s sort of what Axway does. We have created the Amplify platform that gives you a way to bring all those different assets together.”
Listen to Eyal Sivan’s full interview with Soar Payment’s Scott Hawksworth to learn why he says it’s critical for Fintech’s to develop transformative tools that keep developers happy and hear more about how Axway is building better open banking solutions.