Third party vendors are always challenged with writing interfaces to the core systems. A lot of times, that can be very arduous and time consuming. We use the same development staff we have for our products and to write those core interfaces. Is that a good use of their time? Well, it really depends.
If we have an event like TILA-RESPA in 2015, where we had to make all the changes to like loan documents in order to get those done, we had to get those done first. And then we had to move to the core interface after that was done. Because a lot of times, the same resources were used in order to get those two items done. It was a huge undertaking because you had to make sure that your products were regulatory compliant before you worried about your core interfaces.
Even with the new APIs, open APIs that the cores have, you still have to expend an awful lot of effort from your development staff in order to get them to write those APIs, maintain those APIs. Every time the core makes a change, you have to make a change. So, does it make sense to continue to do that, or does it make sense to really partner with somebody who that is their only business of doing it? Well, you really have to ask yourself three questions:
- Do I want my development staff working on product enhancements, bug fixes and things like that, or do I want them working on interfaces?
- Secondly, what does it cost me to write those interfaces and maintain those, both in human capital as well as true capital?
- And third, can I outsource those interfaces while maintaining some of the revenue associated with them and eliminate some of my fixed costs that I have in writing those interfaces?
It’s possible. For some vendors, the answer is a very emphatic yes. For others it’s, “We don’t know.” We need to sit down and have the discussion to see if it makes sense for you. NXTsoft’s only business is writing these interfaces. We connect over 40 cores and 60 ancillary products, and we can help you achieve the revenue targets that you want to achieve, while still freeing up those resources for the developments of your products.
If one of your business objectives is writing interfaces to the core systems, NXTsoft OmniConnect can help! Your employees are a vital aspect of your business. Let your developers focus on developing and enhancing your products while allowing NXTsoft to focus on connectivity. Our team of knowledgeable professionals can help you achieve your revenue targets by automating your systems and allowing you and your team to focus on growing your business.