The need to efficiently share Fund data between people and systems is an issue that faces most asset management businesses today. One way to unlock this challenge is to use an Application Programming Interface (API), which at its most basic acts as a door to your data allowing other systems to interact with it without sharing anymore than it needs.
From version 1.4, Fundipedia has a comprehensive set of APIs. The API can be used to extract data on a per object basis, execute a configured report, or retrieve items awaiting approval. You can also post data into Fundipedia. This includes creating and updating records.
As well as the main advantage of sharing information between systems, the API provides the flexibility to query data as frequently as is needed and provides real-time information. It can be configured to integrate with your other business systems for efficiency savings and increased data accuracy. For example, your website could query the Fundipedia APIs directly – no need for spreadsheets or manual intervention.
Webhooks
Webhooks are one way that systems can send messages or “speak” to other systems when something new happens. When an event happens on the trigger application, for example a new record is created, it sends that data to a URL to the listening application. The listening application can then decide what they want to do with that message; this may drive other business rules, or retrieve data from the API to update another system.
The Fundipedia API offers a suite of webhooks. This can alert you to events happening in Fundipedia, such as:
- A new record is created
- A record is updated
- A change has been published
- A change has been rejected
For example, if a new Share Class or Fund is created, Fundipedia can alert another system to take action and use this information to support other business processes or simply send out a notification.
How can the Fundipedia API be put to practical use?
Fundipedia provides businesses with a central source of the truth for all active funds and associated data. It is important that this data is stored only once. There are a number of scenarios where you want to share this data with other systems.
Imagine a Fundipedia customer wants to share Fund data with a third party company for the production of client reports, such as KIIDs and Factsheets. Permissions can be given to the client reporting system to read data from Fundipedia via the API – permissions can be granular enough to only allow read access to only a subset of fields. A webhook can be set up to allow the reporting company to be alerted if a record has been created or updated. They can use this information to call the Fundipedia API to extract the affected data and import it into their system in real-time.
Benefits
- Automation – Allow systems to talk together to automate business processes
- Availability– data immediately available 24/7, no need for overnight jobs or long running tasks
- Data accuracy – data stored in one place but used by multiple systems with no manual intervention
- Integration – easily share data with your other business systems
- Secure – only share the data that is needed, protect your sensitive data
Want to find out more?
Get in touch if you have any questions or want to arrange a free demo.
