Birmingham, Ala., June 28, 2021 – NXTsoft (nxtsoft.com), the market leader in comprehensive, secure API connectivity for fintechs and financial institutions today announces enhancements to its Omni product lines that increase the amount of Robotic Process Automation (RPA) that it can provide to its financial institution and fintech customers, delivering significant time and cost savings to those entities.
RPA is an application of technology, driven by business logic and structured inputs, that aims at automating business processes. Using RPA tools, a company can configure software, or a “bots,” to capture and interpret applications for processing a transaction, manipulating data, triggering responses and communicating with other digital or disparate systems. Financial institutions can utilize RPA to perform repetitive tasks such as data entry and loan boarding and to automate customer service and back-office workflows. This enables a financial institution’s staff to focus on more complex tasks, as the RPA bots are working on more monotonous activities. Utilizing RPA technology means more expedient processing with fewer steps to complete, leads to a reduced workforce and therefore significant costs savings.
NXTsoft believes the integration of RPA technology into its OmniData product line will be a huge befit for its financial institution customers. OmniData currently offers financial institutions three solutions for legacy or acquired data: full conversion to a new system, data availability through OmniView browser for researching without the need for a full conversion, and a hybrid approach of the two. With the large amount of data in play, there are many business & compliance requirements that are currently performed by back-office staff.
With NXTsoft’s future addition of RPA technology to OmniData, many of these tasks can now be automated. Data retention, compliance requirements and business logic can be automated and intelligently performed in the background. Smart data querying can also be used to reduce the labor-intensive research effort around common use cases such as a request for documentation during a legal process. The use of RPA to perform these more mundane tasks will provide an instant time and cost savings to NXTsoft’s OmniData clients.
NXTsoft’s OmniConnect product line that provides API connectivity has been facilitating a form of RPA for financial institutions and fintechs for the past 25 years. Anytime a fintech company wants to connect its application to a financial institution’s core system they would have to have software engineers on staff at a cost of $100k + annually per developer to write integrations and then continue to rely on those personnel as the core processor authors 4-6 enhancements and upgrades per year. Similarly, the financial institution would have to rely on personnel on their end to keep the connectivity updated. Via RPA NXTsoft’s OmniConnect removes that entire burden from fintech and financial institution employees and facilitates it through API connectivity significantly reducing costs and personnel time.
Additionally, through OmniConnect’s more recent Open API platform, NXTsoft is opening RPA technology to the entire fintech industry. Fintechs can now write directly to NXTsoft Open APIs and provide RPA use cases through secure connectivity that would otherwise be too difficult and time consuming to develop.
“NXTsoft is excited to be a part of the RPA revolution by helping financial institutions directly save time and money when it comes to moving and connecting data, enabling them to utilize higher levels of automation that they might not otherwise be able to afford or might not have the resources to implement,” said David Brasfield, CEO of NXTsoft.
NXTsoft is headquartered in Birmingham and has offices in Orlando, Atlanta, and Denver. NXTsoft is the market leader in secure, comprehensive, and complete workflow API connectivity, connecting fintech companies to banks and credit unions throughout the United States. NXTsoft’s other solutions include data security, data analytics, data management and data migration. NXTsoft’s products and services help businesses secure, connect and optimize their data to maximize revenue opportunities, enhance profitability, and mitigate cybersecurity risk. For more information visit www.nxtsoft.com, email info@nxtsoft.com or call 1-800-915-3381.
