Compliance API

Integrating an application programming interface (API) into your operations is an excellent way to share data between your various systems, applications and platforms. With the powerful capabilities, there is also a slew of regulations and compliance measures to ensure your operations maintain proper procedures when handling sensitive data.

Nexis® Data+ offers comprehensive compliance with all API regulations, including Know Your Business (KYB), Know Your Customer (KYC), General Data Protection Regulations (GDPR), and Anti-Money Laundering (AML).

What is Compliance API? 

Compliance API standards ensure a consistent, stable, and secure end-user experience. The regulations are in place to guide how your API operates, particularly in adherence to defined patterns and functioning correctly with other systems.

Each industry holds its own compliance requirements. For example, those operating within the financial services sector can benefit from KYB & KYC compliance API integrations, as they share data across various platforms to cut down on manual entries, streamline operations, accelerate onboarding, and save money.

Despite these differences, some common principles and measures are expected across all sectors. API practitioners must always operate within carefully refined guidelines to prevent the array of data they collect from abuse, loss, or mishandling. The compliance API standards and laws are also set across either national and international jurisdictions or by certain API industries.

Don’t confuse compliance API with associated security measures. While your security steps will cover various forms of added authorisation and authentication, your API gateway compliance measures from Nexis® Data+ will ensure a safe passage and management of data between platforms and systems. 

Why Does Compliance Matter? 

Compliance is a crucial element of your business to protect both your APIs and the back-end data they collect & share. Common examples include: 

Know Your Customer (KYC)

A common compliance measure in financial institutions, a KYC compliance API is designed to help companies verify and protect customer information through established guidelines.

Know Your Business (KYB)

Aiming to reduce the risk of fraudulent activity, a KYB compliance API promotes thorough background checks on all employees and contractors with access to sensitive data or systems.

Anti-Money Laundering (AML)

An AML compliance API focuses on preventing money laundering activities, such as tax evasion, terrorist financing, and drug trafficking, by detecting suspicious transactions and implementing strict reporting requirements.

General Data Protection Regulation (GDPR)

A GDPR compliance API seeks to protect the privacy of individuals by imposing stringent data protection requirements, such as obtaining clear consent before processing data. 

There are further benefits of maintaining appropriate API compliance with Nexis® Data+, too, such as:

• Meeting Service-Level Agreements (SLAs): SLAs set expectations and establish accountability for all parties involved in a business arrangement. By ensuring your APIs are compliant, your services will always be up to standard, avoiding any penalties.
• Avoiding Data Breaches: Data security is an ongoing concern in today's digital landscape. API compliance protects against attacks or accidental disclosure of sensitive data, preventing costly breaches and reputational damage.
• Meeting Regulatory Compliance: Industries each have their own regulations, and ensuring your APIs remain compliant is critical for staying in line with the law, as well as protecting your business from penalties and other legal repercussions. 

Compliance Made Simple 

Maintaining compliance API standards is an ongoing responsibility for modern firms, and given the often-changing landscaping of these guidelines and regulations, it can often prove challenging. Business owners already have so much on their plate, so finding the time to stay abreast is near impossible without the help of streamlining processes and support.

By integrating Nexis® Data+, you will receive robust support and guidance when looking to comply with complex regulatory requirements. For example, with built-in workflows and automated checks, signing up new accounts or receiving approval from regulators can remove the need for manual labour or time-consuming paperwork in favour of faster, streamlined authorisation processes.

The API services also make it easier to conduct internal audits and identify areas for improvement. From tracking user activity to generating custom reports, API services offer companies the data and insights to ensure their compliance processes are always up-to-date and in line with industry best practices.

Whether helping businesses navigate complex regulatory requirements or providing customised recommendations based on their unique needs, our API services can help companies stay ahead of the curve when it comes to compliance. 

Nexis® Data+ Compliance API 

Ensure complete compliance with your data API when you work with Nexis® Data+.

Our technology is built on the understanding that data fuels the operations and growth of modern businesses. As such, we provide seamless access to third-party data from countless sources to deliver the strategic decisions that elevate your operations.

Moreover, we have carefully curated our deliverables to include comprehensive risk monitoring and compliance efforts, protecting your organisation from penalties or breaches.

To learn more about how we can assist, please contact us today.