DTCC has introduced an Application Programming Interface (API) Marketplace to provide its clients, partners and internal developers with a central location for APIs developed by DTCC. The solution externalises and extends an internal DTCC API marketplace for developers that was established about a year ago, and is designed to streamline access to services and improve user experience.
The marketplace resembles an online App Store, allowing direct programmatic access to DTCC processing functionality. The first API covers DTCC’s Risk Management as a Service (RMaaS), which allows firms to gain greater insight into their current and historical unsettled positions and more efficiently analyse and manage risk and liquidity across functions and activities, including monitoring and surveillance, and regulatory compliance. Companies or developers interested in using the API can sign up and test it in a sandbox environment. Additional APIs for other DTCC products and services are in development, including one that will help clients submit, update and query new and existing claims against corporate action events.
Lynn Bishop, chief information officer at DTCC, likens the API Marketplace to personalised services such as Netflix, Hulu and Amazon, and says: “Expectations have evolved, with clients now wanting to access services in different ways that are unique to their individual business needs.” She adds: “APIs are the building blocks of digital transformation, and in today’s interconnected world, they have risen in prominence and become important to every facet of the enterprise.”