Introduction
What should an organization do if their integration solution goes out of service? Many organizations rely on interoperability solutions to enhance their financial messaging processes, by enhancing straight-through-processing, connecting their disparate systems and messaging formats, and enabling faster transacting with counterparties.
In Part 1 of this series, we explored some of the challenges organizations may face with the sudden loss of this integration service. In this second installment of the series, we will explore some strategies and solutions organizations can consider to either pre-emptively avoid or solve for the discontinuation of their interoperability service.
Considerations
Here are some questions organizations should consider regarding their interoperability service providers:
- What is the short-, medium-, and long-term solution roadmap for your integration service? It is important to understand the trajectory and longevity of the solution you are employing.
- What is your contingency plan in the event of an outage? This is important so you can understand how service outages are handled by the solution provider.
- How many clients are using the solution being provided by the solution provider? This is useful to understand the user community and other clients who may be like you.
- What communication protocols are used by the solution as standard? Do these protocols line up with your requirements in the short and long term? This is useful to ensure the provider can meet your short- and long-term messaging needs.
- Is the solution configurable to meet client requirements? If you are handed a static solution with little room for modification, it may not meet your organization’s specific requirements, especially if you continue to evolve and grow your solutions.
Solutions Ahead
Here are some of the pre-emptive solutions organizations can take to ensure the seamless continuation of their messaging even if their existing integration services were to be discontinued:
1. Selecting Reliable Integration Providers
Organizations should choose providers capable of meeting their integration needs in the short and long term. This means that the integration service providers should have a proven track record of providing long-term stable service to their clients, and they should provide consistent communication regarding their service availability and future plans.
2. Planning for Long-Term Viability
Invest in interoperability solutions that offer scalability and adaptability for future needs. It is critical for organizations to select providers that are able to grow with them, adapting and growing the integration solution to continue meeting the evolving needs of their clients.
3. Backup & Contingency Plans
Develop backup plans to mitigate disruptions and ensure business continuity in case of integration service discontinuation. Organizations should work both with their provider and with their internal teams to establish safeguards ensuring financial transaction flow, even in the event of temporary interoperability loss.
4. Provider’s Communication Plan
Ensure that your provider establishes a communication plan with your organization in the event of a service disturbance or outage. It’s important that your organization knows who to turn to for information and that you stay informed regarding the status of service and projected resolution timelines.
5. Continuous Monitoring & Evaluation
Regularly assess integration services to identify potential issues and proactively address them. Stay in touch with your service provider to stay informed of any upcoming developments or changes that might impact your message flow. It is always a good idea to have a service change/disruption contingency plan ready in advance, and be open to considering different solution providers that may better meet your needs in the long run.
6. Consultation & Strategic Planning
Seek guidance from integration experts to develop strategic plans for maintaining and enhancing interoperability services. Relying on the expertise of those who know interoperability best can ensure that your organization is utilizing industry best practices and has the most streamlined process possible for your critical financial operations.
Conclusion
Integration solutions provide a number of service-critical functions for organizations, and organizations should take care to select integration service providers that can continue meeting their needs in the short, medium, and long term. Once the effort has been invested into configuring the interoperability solution, organizations can end up facing both new and recurrent issues if that solution is discontinued in the future.
Axletree’s integration experts know the importance of stable, reliable connectivity and integration services for our clients, and they work diligently to ensure that our services are up and running 24x7x365. Our scalable and flexible integration solution, Symmetree, is able to meet a diverse array of needs across the financial transactions ecosystem, and can be configured to meet specific client requirements.
If your organization is facing any potential discontinuation of your interoperability service and you need assistance planning next steps, reach out to the Axletree team! Our integration experts would be happy to share their knowledge and help your organization develop a strategic plan to get your interoperability services back on track and better than ever. Contact us here!
May 9, 2024
