Evolving payment trends are rapidly disrupting and reshaping the payments landscape.
As financial institutions address new opportunities, the complexity of incorporating new and innovative services has soared. What was once a reasonably simple process has become an enormous task that, in many cases, adds significant cost — in development hours and time-to-market — and creates unnecessary risk when launching new service features that consumers demand.
A national payments switch client of Euronet realized that, to stay relevant, it would need to modernize without compromising existing legacy systems.
The solution? Euronet’s proprietary REN Ecosystem.
REN overcomes these barriers, helping to minimize risk, complexity, and time-to-market, all while reducing cost and development time.
A key component of the REN Ecosystem is the API Gateway, enabling simplified interfacing between widely different systems.
Like many organizations, the national switch member banks were in various stages of opening their systems to external systems and organizations.
The API Gateway platform retains existing links, without disruption, to legacy processes but allows the national bank and member banks to continue modernizing with minimal disruption to current business practices.
The API Gateway streamlines connections to external entities through a standard specification and easily interfaces based upon external entity-provided specifications.
The REN API Gateway also supports industry-standard call methods and best practices security models. REN and the API Gateway utilize an infinitely extensible messaging engine which allows for configuration-based addition of new interfaces, message types, and data elements. They take advantage of the REN rules-based routing based on any data element and the ability to map data elements through configuration.
Wherever you’re investing time and resources integrating emerging ideas into legacy systems, utilizing API Gateway within the REN Ecosystem is the solution for bridging these gaps.