Developing Open API Platforms in Russia

API Management platforms are one of the essential components of any digital transformation project and in recent years the banking sector in Russia has been increasingly interested in implementing Open API platforms to enable banks to expand their product offerings. Creating an ecosystem which allows customers and partners to conveniently and securely interact with each other has become central to their business strategies.

Neoflex, a developer of IT platforms for digital business transformation, has signed a strategic partnership agreement with Tyk to allow it to more effectively provide Open API solutions to its customers who are launching new products as part of their digital transformation. Its industry and technological expertise, enhanced by its own software accelerators, allows it to solve business tasks of any level of complexity and it counts more than half of Russia’s top 100 banks and 11 of the world’s top 100 banks as customers. “Data security and governance requirements make Tyk a popular choice for banking, financial and government institutions who want to open their APIs for public consumption”, says Andrew Murray, Commercial Director at Tyk.

Open APIs are becoming a part of the business model in the banking industry across the world. Over the past three years Neoflex has completed several projects on various Open API platforms. “The partnership with Tyk allows Neoflex to continue to expand its architecture and configuration options for these solutions and recommend the best one depending on each client’s particular needs” says Anton Sparinapti, Partner, Head of Business Development at Neoflex.

Out-of-the-box Tyk provides an API Gateway, API management dashboard, developer portal, sandbox for testing, API documentation management system and detailed analytics. The platform also provides a reliable and safe use of these APIs due to scaling, various authentication methods, a multi-level monitoring system and the ability to control the frequency of API calls depending on the agreed quotas. Tyk is easily integrated into a microservices architecture, supporting Docker and Kubernetes containerisation, as well as integration with the existing CI/CD process.