At Lodex, we are always seeking new ways to bring value to you, our members and Financial Service Providers. We want to ensure we create the most seamless and secure experience possible.
So now, in addition to our Loans and Deposits Marketplace, large pool of tools; banks, lenders and brokers can have access to the Lodex API.
So what does this mean?
We asked Bill our co-founder and Jodie our platform guru, the masterminds behind our API, to answer some questions behind the technology that helps streamline processes.
1. What does the API effectively do and how does it work?
Bill – Like any API (Application Programming Interface) this facilitates two main goals, a great customer experience and ensuring secure, fast and accurate data transfer to our lenders; cutting out human intervention. I will leave it to the expert Jodie to describe the exact way it works, but to keep it simple, it is an automated process that replaces transactions’ costs in terms of time and effort to make it seamless.
Jodie – The API allows our lenders and brokers to use their own computing systems to authenticate and access their Lodex request and response information. This means, once a member selects a winner their information will be in their systems ready to go without needing to log back into lodex.
Our lenders and brokers can call the service at any time, they must first authenticate through the API, and if successful, they can request all the data relevant to their requests. It can be called by request type (Home Loans), between date ranges (just today, the last week etc.), as well as many other filters. The response is received and our providers can then use this response within their own software to create the relevant account details.
2. What are the benefits of making your API available for members?
Bill – By integrating our API, our panel of lenders and brokers get greater efficiencies as they become part of the customer journey and help process customer’s loans and deposits needs quicker. Day by day more and more traditional processes are replaced by customised APIs and it is true that in financial services APIs are at the forefront of innovation as they are the modern way of transacting with (mainly) external partners and service providers. Banks are using APIs for some years now and they are in the process of adapting more.
Jodie – Giving this information to our lenders and brokers via our API will speed up the process for members, as the providers wont need to complete the manual steps of extracting and inputting the data in their own systems, giving them more times to contact the members and get the deals started. All securely of course.
3. What are the benefits of opening your API to the developers of bankers, lenders and brokers?
Bill – Accuracy, security, efficiency and an improved customer experience are the words that come first to my mind. For us, we want to create efficiencies and facilitate process automation, greater control and the capture of valuable data for lenders and brokers. Ultimately to create a more streamlined process for customer.
Jodie -This will save a lot of time, providers wont have to log back into Lodex to extract the winners and manually move all the data into their own systems to process customer’s applications. This will streamline the process, removing chances for human errors and make using Lodex an even easer platform.
4. What are the steps taken to ensure the customer is always secure?
Bill – At Lodex, security is the most important factor when dealing with our member’s data. In this case we follow a two-factor authentication process as well as we systematically run penetration tests by external reputable software audit companies that verify the security of our API.
Jodie – We have a two-step security process. After securely logging into the Lodex application, services providers are able to access two keys, their ID key and a secret key, displayed only once on generation. These two keys authenticate the financial service provider to the API via an authentication request that issues them with an API access token. This token gives limited time access to call the API and ensure they receive the correct information for their deals.
“APIs are the most secure and innovative ways to transfer data. It helps provide exceptional user experiences for our members but also improves the way lenders streamline the process. We welcome our lenders to be early adopters and experience the value and efficiencies.”
Bill, co-founder Lodex
If you are a Financial Service Provider and interested in our API, contact us at [email protected] for more information.