API is the acronym for Application Programming Interface, which is a software intermediary that allows two applications to talk to each other.
Across commodity trading firms, there are numerous use cases for APIs which connect disperse platforms to enable the flow of data securely, and accurately across systems:
External examples include integration with exchanges, brokers, and market data providers.
Internal examples include ERP and Accounting systems.
@Capco recently highlighted robust API support as a key tenant of next generations CTRM platforms:
“Integration with other web-delivered or cloud based external parties such as exchanges, broker systems and market data solutions should also be a key consideration when selecting and implementing a cloud-based solution. Architecting your integration based on an API approach can help to reduce cost and lead time of interfacing between systems and can allow faster cheaper, and better innovation at scale.”
CTRMCloud™ is a native cloud solution supporting an open API environment allows for easy integration and setup.
As an example automatically feeding trade details into CTRM or ETRM systems greatly increases back office efficiency and accuracy by preventing costly errors due to human mistakes and delays in manual processes. Straight through Processing (STP) eliminates manual entry of trade details by enabling the uploading of trades directly to the system, parsing the data and assigning it to relevant fields.
APIs are an important features in today’s ever evolving commodity companies with continuously changing business requirements.
CTRMCloud™ supports a rapid development and deployment approach through its cloud-native solution & API support.