API Technology for Financial Services is Revolutionising the Industry

The market for Application Programming Interfaces (APIs) is booming, in particular when it comes to technology for financial services. The number of public APIs doubl ed between 2014 and 2015 alone. APIs let businesses easily hook disparate systems together with a corresponding reduction in integration times. The growth in cloud computing and web applications has driven much of this increase, with API technology for financial services leading the way. Businesses in these sectors are looking for new tools to streamline operations while remaining in control of end user computing. Most APIs are designed to link web-hosted services together, while platforms like iPushPull let you directly connect desktop applications to the cloud.

Cutting edge companies are realising their potential by incorporating API technology for financial services into their platforms. Google Maps for example, is one of the most widely incorporated APIs. Since 2005, it has allowed developers to embed location services into some of the most popular software today. The Facebook Platform, released in 2007, has API at its core and allowed third party apps to access social data. Established organisations within the financial services are also exploring open banking platforms to compete with new entrepreneurial entrants such as PayPal, TransferWise and Tilt. Partly as a result of their integration of APIs in their business models, these companies have become serious challengers in the payment industry. Now large financial organisations are trying to catch up and APIs have become the current backbone of opportunity.

The birth of APIs

The growth of Application Programming Interfaces can be traced back to the early 2000s, when Salesforce and eBay launched the first version of their services. The growth of cloud computing and, in particular, mobile apps accelerated this trend.

Industries outside of the financial sector including media, travel, tourism, and real estate have embraced APIs for their services. This stems from a need to manage the growing quantities of data and enable better processing, therefore developing dynamic operational workflows. The commercial push to access all available data so that it can be monetised, has left a space for a new approach. Santander, for example, is turning to APIs to easily move data between internal and external providers. This solution has allowed Santander to stick with its existing large database providers, while allowing for a more flexible infrastructure.

API technology for financial services, as an effective solution

A common problem for financial services firms is the mix of technologies, computer systems and applications they use to run their processes. As they age these systems become incompatible with new technology and not only slow down processing but also allow for shortfalls. Even with point-to-point integrations, the systems become fragile over time and need maintenance, wasting resources and negatively impacting workflow. Through the construction of more efficient ways of working, institutions can improve existing services and positively impact the bottom line.

One example of a solution for such a problem in the financial services world is iPushPull’s API for live aggregation and distribution of data. Our API lets users share real-time data with their colleagues, customers and clients from even the most complex systems and services, and access it using familiar and flexible desktop applications like Microsoft Excel or on the Web. This helps institutions get the right data to the right people at the right time, without losing control – our security, access controls and monitoring let users control and track exactly who is using their data and how they are using it. To enable integration with the widest possible selection of applications and services, the iPushPull API is available for .NET, JavaScript and as RESTful and streaming web APIs.

November 1, 2016November 3, 2016

Brand New iPushPull Platform Coming Soon

At iPushPull we work hard to improve our services and we are happy to announce that later this week we are launching a fresh new look for our live data sharing platform. The iPushPull platform 2.0 not only unifies our web-app, website and social media, but also benefits our users with new exciting features.

Here are the changes we have made with this update:

Future plans for the new iPushPull platform

The good news doesn’t end there. Our team is currently building an upgraded version of the desktop Excel add-in, with new functions. Keep an eye out for this exciting new update. As always, we hope you keep enjoying using iPushPull and we welcome any suggestions for improvements.

September 29, 2016January 6, 2017

Research Delivery with iPushPull: A closer look at FuturesTechs

FuturesTechs is an independent research firm that provides technical analysis research to hundreds of paying subscribers. The FCA regulated firm is run by its founder, Clive Lambert, who takes a unique approach to market analysis that has earned the company the Technical Analyst Award multiple years in a row. When faced with the current problems surrounding research delivery, FuturesTechs began using iPushPull.

“[iPushPull] has put us in a position to scale up our business, getting on with what we do best, producing technical analysis rather than concerning ourselves with [delivery]”

– Clive Lambert, FuturesTech founder

Current problems with research delivery methods

For most firms, their research delivery is done via email attachments to subscribers and clients. However, this process forces research firms to relinquish control over their content. PDF attachments lack control and can be forwarded to anyone, printed, downloaded, copied and pasted elsewhere, etc., all without the permission of the research firm. All these detours to the proper research delivery channels are not monitored and therefore readers are not charged for viewing the content. This not only damages potential revenues, but the research firm actively loses money.

Research Delivery via iPushPull

FuturesTechs uses iPushPull to securely distribute their research while maintaining control over what their subscribers can do with the reports. By uploading their research to the iPushPull platform, FuturesTechs is able to share a live page with the latest version of their content to their paying subscribers. There are customisable content control levels that can be specified per subscriber that disable or enable specific features.

By using the reader report feature in the iPushPull platform, research distributors can generate reports including information on their subscriber’s reading patterns. This includes time spent per page, how frequently they read the report, and see a history of reports they’ve read before. This intensive, next-level of research delivery analytics allows FuturesTechs to optimise the content of their reports and ensure that their subscribers are getting the most value from the information they receive. The back-end administration features also allow FuturesTechs to manage their users and enable or disable trial periods, and billing periods.

Learn more about financial research distribution with iPushPull here. Sign up for a free trial today!

September 6, 2016January 6, 2017

How to Share Digital Content in Small Teams without SharePoint

One of the most popular solutions for digital content sharing is SharePoint. Everyone has heard of SharePoint and the beautiful company sites that can be created with it – if you are a developer or if you can pay a large hunk of cash for a SharePoint expert. Another strong feature is SharePoint’s ability to integrate with Office365. Or was it Excel Online? Or OneDrive? Or OneDrive for Business? Microsoft’s SharePoint is undoubtedly a sleek collaboration tool for large companies that can afford developers and SharePoint experts to create their perfect site and train employees to use it efficiently.

However, for small teams that need agility and function over weighty and time-consuming collaborative platforms, there is another solution. That solution is iPushPull.

Drawbacks to Relying on SharePoint for Digital Content Sharing

The need for SharePoint-specific developers and a large amount of resources makes it difficult to use SharePoint to prototype ideas with your team off the cuff. Particularly with small teams, an open communication platform with real-time data sharing can be critical to accomplishing key business functions. Current digital content sharing services either limit employee productivity via out of date files or through a hierarchical structure. Small teams do not need unwanted complexity that inhibits their team’s flexibility and movements.

A Better Solution via iPushPull

For small teams needing to securely share spreadsheets and PDFs, there is iPushPull. A fully integrated Excel add-in with extensive back-end capabilities, iPushPull acts as a way to remotely access your desktop spreadsheets, or give access to other viewers internally or externally. Teams can share content securely between team members from project leaders, sales managers, and sales teams, remotely and securely. For small teams where agility plays an important role, they can focus on the information their team really cares about while delivering it via a simple platform. When working in a small team, accountability is crucial to ensure critical business functions are taken care of and no employee resources are wasted in duplicating efforts. iPushPull spreadsheet auditing and monitoring features provide full data history including a log of changes made to your live data sheets and restore them to their previous versions if need be.

When working with your small team, why reinvent the wheel? Share your most important information with your team. Anywhere. Anytime. Sign your team up for a free trial here.

August 9, 2016August 9, 2016

Introducing Control to End User Computing Applications

End User Computing applications are incredibly powerful tools that have pervaded most market places and enterprises. They provide a strong benefit in allowing users to directly create, manipulate, and propagate data – however, the ease of altering or transferring possibly sensitive content has given rise to a large area of risk. This risk is addressed in many rulings and regulations, but its impact is not just an increase in the possibility of being audited.

One example of high-use EUC applications are spreadsheets. Due to their high concentration, we don’t realise the importance that EUC applications can have in supporting major business operations. There are many origins of EUC risk and iPushPull has found a way to reduce some of the major causes.

Sources of End User Computing applications risk

Excel is an impressive and highly capable tool that is, unfortunately, run by error-prone humans. The risk that arises from the actual software is minimal, the risk that can arise from human error is hard to mitigate. Errors can arise in the raw data being used, either through missing or incomplete entries, outdated numbers, and expanded or duplicated data.

Once the data has been generated, the source spreadsheet is frequently sent downstream and further propagated through email attachments and various desktop locations. Frequently shared spreadsheets can result in loss of data if there is incorrect version control, if someone forwards the wrong file, if the content is duplicated, or if it is lost. Since humans are humans and therefore not perfect, an ideal solution should passively monitor and track the involvement of employees in critical spreadsheets.

iPushPull can mitigate some of the risks associated with End User Computing applications

There are some significant End User Computing applications loss events that iPushPull can mitigate. Primarily, reducing multiple working documents down to one source page that an admin can control user access to. By inviting individual users, an admin can control the downstream use of data. This ensures that it is being used and distributed for its intended purpose thereby minimising intentional misuse for fraudulent reasons.

By establishing a live push or a live pull to a source spreadsheet, the risk of failing to update data is significantly reduced. A user can always choose to use the manual Push function, but the Live Push can be enabled in the background to make sure the source spreadsheet is automatically updating with live data.

Firms have difficulty assigning ownership to data, especially when it is produced upstream and then used or propagated downstream by other employees or even other departments. The iPushPull platform uses data pages that are hosted in folders that belong to a singular admin. There is audited access control that allows admins to generate reports on which users made which changes. Specific range access can also be enabled to allow users to read, edit, or not have access to certain data ranges within a spreadsheet.

The same access control features are available when your content is shared externally to clients or partners. Since the data page is kept securely as an iPushPull live web page, there is no loss of control when sharing it outside of your company. For company best practice, it is critical to maintain control over content even when it is sent beyond an organisations oversight.

The beauty of EUC applications lie in their ease-of-use and versatility, and at the core of iPushPull is an easy-to-integrate system that is secure, access-controlled, and encrypted end-to-end. Sign up here.

July 25, 2016

VisiCalc to Business, iPushPull to Communication.

Upon its launch nearly four decades ago, VisiCalc rapidly became Apple’s killer software product and had people lining up to buy Apple computers just to run this one application. Even though VisiCalc didn’t fare well with time (they lost their market dominance in 1983 with the launch of Lotus 1-2-3) they were critical to the popularisation of personal computers. While iPushPull is not trying to compare itself to the revolutionary Apple software, we found connections between the core tenets of our software and that of the 1979 first ever spreadsheet.

Communication tools: VisiCalc took computers from a toy to a tool

VisiCalc, which stands for “visible calculator”, was the first-ever spreadsheet program for personal computers. Initially released in 1979, VisiCalc is largely credited with turning the computer into an agile business tool. This was the first responsive program where you could make a change in one section of a sheet and all related values in the sheet would update automatically. Conventional programming and computer-use was thought of as sequential – a chain of events where one step followed another. Other financial programs were not interactive and, most importantly, they were not created for personal computers.

iPushPull is making spreadsheets a communication tool

VisiCalc took personal computers from a hobby to a serious business tool with easy-to-use spreadsheets. iPushPull aims to make this business tool a more effective communication tool. The traditional route for sharing data in a business is to make changes to one spreadsheet, send it as an email attachment to a colleague or save to a file sharing service, and then wait to hear back with your colleague’s input. The iPushPull platform easily integrates with desktop MS Excel. By downloading our plugin you can share data instantly with the people you want to share it with, regardless of where they are. No waiting for changes to be made, or going through a list of files and emails sequentially to change data or fix errors.

Since its creation the spreadsheet has grown in complexity and capabilities, but its core use has stayed the same. As a powerful computing and database tool, spreadsheets have evolved to near perfection, but communication among and through spreadsheets must now be addressed with services such as iPushPull. Our seamless integration with Excel gives users the ability to take their spreadsheets to the next level.

Photo credit: opal nova via Small Kitchen / CC BY-ND

July 18, 2016

The Internet for future generations from a ‘Father of the Internet’

At the first annual Decentralized Web Summit in San Francisco, industry giants gathered to discuss the future of the Internet and our increasingly complicated relationship with it. Vint Cerf, Google’s Chief Internet Evangelist, was a keynote speaker and shared his thoughts with the audience; he stressed the influence that collaborative communication through information subscription could have on how we communicate in the future. As the internet continues to decentralise, the need to free data from files becomes more important than ever.

Continue reading to learn more about how iPushPull enables collaborative communication and allows users to publish or subscribe to sources of data using its platform’s features…

Collaborative communication and information sharing

Cerf touched upon the need for “collaboration and cooperation [as being] enormously essential towards the creation of the net” and its continued development. The internet processes information and data disjointly and in limited correspondence. This is a problem iPushPull recognised: businesses were not communicating efficiently due to the difficulty of sharing live data between commonly-used applications. Our solution was to create a live Microsoft Excel data sharing platform that eliminates the need to email files around.

The ability for information to be changed and propagated instantly to other co-editors on a project creates a virtual stream of consciousness as teams work together. Real-time publication of changes to all interested parties improves communication and creates cohesion of content. iPushPull’s live content sharing platform takes edits being made by your coworkers and updates your working data – automatically. Your team’s content will always be available to the whole team and, thanks to the live updates, everyone will always have the latest version.

“Think about some sort of publish/subscribe system, in which a web-page creator can regularly hit a publish command that makes it available for archiving, and various web archives can subscribe to receive updates.”

– Vint Cerf

Publishing and subscribing to information

At the core of Cerf’s keynote address was the topic of archiving information and web pages on the internet for future generations of users to view. At the centre of this dilemma are questions revolving around privacy and frequency of archiving content. While most users will agree they don’t want every iteration of their work archived, a happy medium is hard to find.

Cerf proposed some sort of publish/subscribe system wherein a web-page creator can regularly hit a publish command that makes their information available for archiving and various users can subscribe to receive live updates. The iPushPull platform’s versioning capabilities allow users to save versions of the live updating data their team is working on whenever they choose. Once their Excel sheet is configured to their liking, they can subscribe to the source data and can version at their own pace/will based on their needs.

The first, but certainly not last of its kind, the Decentralized Web Summit began the conversation of how we share content online and the issues we need to address as communication networks continue to expand.

July 11, 2016July 12, 2016

Excel Risk Management: Managing spreadsheet and EUC risk according to financial regulations

Over the last decade there has been a wave of regulations and guidelines which have had a significant effect on companies’ Excel risk management of spreadsheets and other end-user computing applications (EUCs). Spreadsheets and EUCs are not the main focus of these regulations, but their implied use in report generation and risk management requires attention.

For risk managers the primary concern is; how will my company meet the requirements for these rules without reinventing the wheel? Simple. Keep using Excel, but use Excel with the iPushPull platform.

See below how we can help your company with Excel risk management!

Financial model risk management now includes Excel risk management

The Office of the Comptroller of the Currency (OCC) changed the game when they released their guidance on reporting risk associated with financial models. Their guidelines now extend to Excel risk management – managing the spreadsheets that house data before it is used in financial modelling. Financial institutions create models to help them predict how market moves (e.g. interest rate changes) will affect their – and their clients’ – money. These financial models are created by drawing on various sources of data (e.g. numbers from multiple spreadsheets and other sources) and are dependent on accurate information (i.e. the most up-to-date numbers). There are now at least two layers to risk management: Excel risk management and model risk management. Using information from Excel spreadsheets therefore requires validation when inputting, processing, and reporting data.

Risk Reporting is easier, quicker and better controlled with iPushPull’s live Excel data sharing. It doesn’t matter if the source data is housed all over the country, or the world. When you pull the data into the report you’re generating you know you’re getting the latest information and everyone’s using the same version. And every update is monitored and audited.

Companies need a data infrastructure to automate risk reporting

The Basel Committee on Banking Supervision (BCBS) also issued guidelines for effective risk data aggregation and risk reporting. Similar to the OCC’s guidelines, the BCBS’s guidelines relate to risk report generation – in this case the financial risk an institution is exposing itself to. There are risks associated with creating the report on risk – while this seems redundant, it can become a huge problem for a bank’s board and management as they make executive and strategic decisions. An important stipulation of these guidelines states that banks should have an integrated data infrastructure that can operate under times of economic normalcy or distress. One way to meet this requirement is to automate the risk reporting processes to generate reports with the appropriate frequency.

iPushPull allows you to decide how often you want data refreshed, enabling you to automatically update your spreadsheets to ensure timely and accurate results. Once you’re ready to finalise a statement or report, simply pause the live update stream and save the desired version. You can also share any of this content with your team’s mobile devices, tablets, or computers. Keeping you all connected and up to date with the most recent information from your Excel spreadsheets.

Positioning your company to meet financial regulations

There is clearly a need for demonstrable control over spreadsheets and EUC applications to improve a company’s Excel risk management. However, organisations need to add control while retaining employee flexibility and productivity. The ideal product would be systemically integrated and largely automated for the ease of complying with these regulations and risk reporting.

We’ve, but at the core of each of them is the necessity for auditable collaboration and compilation of potentially sensitive data to meet your company’s regulatory and daily work efforts. When using iPushPull live Excel data sharing, you can have peace of mind knowing your company has the framework in place to meet the most important regulatory requirements for your reporting efforts.

June 30, 2016July 5, 2016

How will Brexit affect UK Cloud Services?

On 23^rd June the UK voted to leave the European Union. Consequently, trade regulations and relationships between the UK and the EU will be changing. Companies in all sectors will be affected, including iPushPull. As a provider of live data sharing to businesses in multiple sectors across Europe, continued compliance with European data protection regulation is critical for us and our customers.

EU General Data Protection Regulation

Over the last 3 years, the European Commission has been working on the General Data Protection Regulation (GDPR). This is a new set of policies governing how companies should process and store personal data. The policy applies to cloud services (like iPushPull) and the cloud platforms which host them, like AWS and Microsoft Azure. The new regulation will apply to companies in all European member states from 2018. However, companies outside the EU that wish to trade within the EU will still have to comply:

The need in the UK to comply with the EU’s GDPR will remain the same, as we can expect UK businesses to continue handling EU citizen data.

Failure to comply could lead to UK companies facing the same kind of legal challenges and potential penalties as US companies did following the breakdown of the Safe Harbour agreement last year.

Safe Harbour

The “Safe Harbour”agreement was developed to allow US companies to move data between Europe and the US without having to fully comply with EU regulation. As long as companies hosting data in the US self-certified that they observed certain rules, they did not have to comply with the EU Data Protection Directive (the forerunner of GDPR). Last summer, a legal challenge invalidated the safe harbour agreement. The subsequent Privacy Shield Agreement provides stronger obligations on US companies, including giants like Facebook, Google and Microsoft, to protect the data of EU citizens. The US Government will also be obliged to impose stronger monitoring and enforcement on US companies.

To comply or not comply with GDPR?

It is, as yet, unclear whether the UK will implement GDPR when it leaves the EU. However, any decision to implement separate UK data processing regulations will cause problems as well as opportunities, as the Financial Times reports (Paywall):

A divergence of UK and EU data rules could make it harder for UK-based companies to transfer data across borders.

Creating smaller infrastructures could also make it difficult for European companies to compete with the US and China on a global scale. If the UK were to implement the same regulations as the EU and incorporate GDPR into national policies, an ease of data flow would lessen the workload for businesses.

A need for clarity

Irrespective of the industry or market sector they operate in, companies need clarity on the regulations they will have to comply with. The two year timetable for Brexit will pass quickly, and companies will need time to incorporate regulatory and compliance changes into their services and processes. At iPushPull we will continue to apply the highest industry standards to the protection of our customers’ data and we will be ready, regardless of the eventual decision.

For a free trial of iPushPull please sign up here.