Plug and Play Fintech Components - Hydrogen
Plug and Play Fintech Components

Plug and Play Fintech Components

According to the Oxford English dictionary, the definition of plug and play is:

Denoting or relating to software or devices that are intended to work perfectly when first used or connected, without reconfiguration or adjustment by the user.

Why shouldn’t fintech components be as plug and play as connecting a USB device to your computer? This is why Hydrogen offers our plug and play low-code integration library. By leveraging these third-party vendors, our customers can gain access to their data sources, or in some cases, can rent their licensing to offer regulated products.

Reducing Time to Market

Hydrogen’s integration library takes months or years off the time it will take for you to get to market. Why? Integrations are complex. They involve workflows, fund flows, and deciphering complex documentation. Hydrogen spends months with each integration partner, doing all of the work for you. We then expose an easy to use integration library, and in some cases, automatically funnel data into our platform. Hydrogen also creates UI components that wrap in the underlying third-party integrations.

For example, let’s say you want to offer banking products in the United States. You have two choices: apply for a bank charter, or go under a chartered bank’s license (via a Banking as a Service provider). There have only been a few banks since the 2008 financial crisis to receive charters, including Varo. It can take months of development time to integrate with a Banking as a Service provider, and that assumes you have a full scale fintech product team at your disposal. Most companies cannot afford either choice.

Global Capabilities

Hydrogen tries to find integration partners that work in as many countries as possible. We will label each integration with the countries in which they work. Generally, data integrations (where data is pulled) are available in multiple countries, and regulated back office integrations (where data is pushed) are typically country specific. For example, data aggregation vendor Plaid works in the US, Canada, UK, and Europe, while banking as a service vendor Cross River only works in the US. As fintech infrastructure providers grow globally, the Hydrogen plug and play library will be able to serve virtually every country on Earth.

Enterprise Use Cases

Plug and play fintech relies on infrastructure for banking, investments, data aggregation, and insurtech in each country globally. This may not always exist. The beauty of the Hydrogen platform is that it doesn’t matter. If you are an enterprise and already have the back office capabilities to offer solutions, you can easily plug into the Hydrogen APIs and offer new digital products.

For example, if you are a bank in South Africa, you may not need a plug and play banking integration. Rather, you can plug in your existing core banking system and data warehouse to Hydrogen and then offer products such as goals based savings or a budgeting app. Your bank can also act as a partner for fintechs and SMEs. We offer a program that allows your enterprise to become a part of our plug and play integration library! If you are a fintech or SME, you are welcome to refer enterprises in your local market that can become a Hydrogen plug and play partner.

To start creating your plug and play fintech component, click on the button below.


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