This fragmentation of workflows creates three challenges:
- Connecting processes together
- Providing access to workflows where users want it
- Standardising data for ease of transfer
The Symphony platform provides solutions for the first challenge by way of our open APIs, such as BOTs and EXT apps, and our recent adoption of the FDC3 standard. For instance, the Quant Insight and FinTech Studios integrations, showcased at our recent Innovate conference, show these assets in action. The second challenge will be addressed by our soon-to-be launched Embedded Collaboration Platform, allowing Symphony to be embedded into third party applications, as well as our new Secure Event Service API, allowing for workflow to be delivered directly to two counterparties working from a third party platform, all while maintaining security and compliance.
But when it comes to the third challenge, each of these disparate platforms use their own proprietary blend of data formats and programming languages, making it difficult to connect them into streamlined workflows.
In order to enable these fragmented processes to function within workflows, the industry needs to standardise the data flowing from one platform to another, beyond just the format. And as more and more niche platforms come to market, this need for standardisation will increase.