FinTech’s, wealth managers and financial services companies often spend a lot of time, money and resources on deciding how to launch a wealth product, be it Mutual funds, loans, bonds, fixed deposits and many others. Let us focus on Fixed deposits (‘FDs’). In India, there are FDs by NBFCs (‘Non-Banking financial company’), HFC (‘Housing finance company) and by banks. All three are regulated by various bodies such as RBI and NHB (‘National Housing Board’) , however the regulations around them are vastly different and therefore it is important to know what are the various integrations that you can perform via SDK, API, white label depending on the type of the entity whose fixed deposit you plan to distribute.
What is an SDK?
An SDK, full form Software Development Kit, is like a treasure map for developers, leading them through the labyrinth of code to unlock valuable software solutions. Think of it as a DIY home improvement kit, that is why it is also called devkit which is complete with all the necessary tools, blueprints, and instructions. Yet, instead of renovating a house, developers embark on a journey to construct intricate software systems, guided by the resources provided within the SDK.
What is an API?
APIs play a pivotal role in enabling seamless and efficient integration between applications. Whether utilized as a standalone solution or embedded within an SDK, an API serves as the conduit for communication between two platforms. By granting access to its proprietary software, an API empowers third-party developers to leverage its functionalities, facilitating interoperability and collaboration.
How to choose between SDK and API for a bank fixed deposit integration?
An API, or Application Programming Interface, serves as the bridge connecting two applications, enabling seamless communication and data exchange. It sets the groundwork for collaboration, defining the rules for interaction between different programs or programming languages. Conversely, an SDK encompasses the full package, comprising one or more APIs along with additional essential components to integrate supplementary functionalities. In simpler terms, API integration enhances user experience by enabling a more seamless and customized journey within an application, offering a native feel. It allows for deeper integration into existing systems, facilitating tailored interactions and data exchange. Conversely, SDKs streamline the integration process by providing developers with pre-built tools and resources, making it easier to incorporate additional functionalities into their applications.
Both methods serve different purposes: API integration for enhancing user journeys, and SDKs for simplifying the integration of additional functionalities. With its streamlined development process, an SDK expedites product deployment, allowing for efficient market entry. Regarding integration of Bank FDs into a platform, an API integration could take months and lead to lengthy compliance and security testing. Also, each BFSI operates with its distinct technical architectures and workflows, making integrations inherently complex. Adaptation to these diverse systems requires meticulous planning and execution to ensure seamless interoperability therefore most times FinTech’s and consumer facing digital companies move forward with SDK integration and the added advantage that SDK integration could take only weeks, and sometimes just days.
Work with Tarrakki
Delve into the realm of offering digital Fixed Deposits (FDs) through adaptable SDKs by requesting a Tarrakki demonstration today. Uncover the transformative capabilities of Tarrakki, empowering financial institutions to provide the personalized experiences customer’s desire. Tarrakki's SDKs serve as a catalyst for innovation, empowering developers to seamlessly integrate digital FD offerings into their existing applications and systems. With comprehensive documentation, pre-built tools, and sample code, Tarrakki's SDKs streamline the implementation process, reducing development time and costs. This not only simplifies the technical aspects of integration but also ensures optimal performance and reliability.
Tarrakki's SDKs serve as a catalyst for innovation, empowering developers to seamlessly integrate digital FD offerings into their existing applications and systems. With comprehensive documentation, pre-built tools, and sample code, Tarrakki SDKs streamline the implementation process, reducing development time and costs. This not only simplifies the technical aspects of integration but also ensures optimal performance and reliability. This innovative solution not only simplifies implementation but also enhances efficiency in software development, ensuring seamless integration and optimal performance
