An API (Application Programming Interface) is a mechanism for one system to talk to another. APIs are used as a communication channel between systems within the same organisation and/or used externally between systems of one organisation and another. Either way, the use of an API is an efficient and secure way (provided they have been developed appropriately) to exchange data. Hedgebook was built using private APIs (in-house APIs used to pass information between the back-end and front-end of the Hedgebook application) but this year has seen the launch of Hedgebook’s public API. Who cares? Well, if you are a bank or currency broker with hundreds/thousands of customers and you want to use Hedgebook to visualise and share your customers’ hedging position then an API allows the transfer of the deal data from your system to Hedgebook efficiently and securely. Your IT teams will certainly care that there is an API available.
The deal loading component of the API allows banks and FX brokers to provide their customers’ fx deal information straight into Hedgebook. No manual input. No CSV uploading. Information can be delivered to Hedgebook anywhere from once per day to real-time. The FX sales desks of banks/brokers are understandably not interested in the mechanics of how info is loaded (it just needs to be correct with minimal effort). It is the resulting level of insight at their fingertips that is the value proposition. The deal loading component of the API is a crucial linkage between the bank/broker systems and Hedgebook which leads to the visual representation and deeper understanding of the data. Sales teams don’t have to worry about manually representing the complicated option structures they sell. Hedgebook translates these structures in an easy to understand way which benefits both the bank/broker and their customers. The API works both ways i.e. it allows banks/brokers to send Hedgebook deal information but it also allows them to retrieve information on the deals and their valuations. The data can be fed into data warehouses which gives these organisations the ability to write their own reports and put their own slant on the information.
Providing Hedgebook to the bank/brokers customers pre-populated with their trade information is a fantastic value add tool for the customer. The insights and conversations are targeted. Strategy/decision making made easier. The API facilitates this.
Our testing environment enables development teams to safely experiment with our API, whilst our full documentation and customer support facilitates easy integration. Documentation and access to the UAT environment is available on request.