This is the story of Mynt, a Philippines-based Fintech startup partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, and their API-led legacy modernization journey.
Earlier this year a colleague of mine Ken Tien wrote Future of fintech depends on APIs where he discussed how parts of our everyday lives have been enabled through financial technology (fintech) innovations and APIs. In it, he describes how MuleSoft is modernizing legacy systems for financial institutions to connect the applications, data, and devices across the entire financial ecosystem.
Mynt’s five key services include payments, remittance, loans, business solutions and platforms. This blog post explores how Mynt increased their speed to market and partner onboarding with a modern integration approach.
The problem: Growing technical debt caused by point-to-point integrations
Initially, Mynt had many isolated legacy systems that their IT team connected with point-to-point integrations. These point-to-point integrations had created a growing technical debt. To remain relevant in the market, Mynt needed a modern integration approach that improved their speed and agility and would enable Mynt to onboard partners and introduce new products to market more quickly.
Mynt identified three business objectives:
- Implementing better and faster connectivity between legacy systems.
- Improving the partner experience by accelerating onboarding speed.
- Increasing business agility, while abiding by security and compliance standards.
Mynt turned to MuleSoft and WhiteSky Labs, a MuleSoft partner, to build and execute their modernization strategy with an integration approach that empowered speed and agility.
The solution: Using APIs to unlock data from legacy systems
With their identified requirement of moving away from point-to-point, Mynt implemented MuleSoft’s Anypoint Platform as its core solution for integration. Together with Whitesky Labs, a premier MuleSoft partner, Mynt created and executed their API-led connectivity approach, enabling them to use APIs to unlock data within their legacy systems.
Mynt used MuleSoft’s design and management tools, including API designer, to improve the design, management, testing, and analysis of their applications. Not only did this expose the data to enable multi-endpoint aggregation that leads to the exposure of APIs to their consumers, Mynt was also able to ensure legal and security compliance standards were met by ensuring the division of public and internal facing APIs.
The outcome: Mynt realizes a 5x increase in their user base
With an API-led connectivity approach and Anypoint Platform, Mynt reduced the time and cost it took them to implement integrations by 75%. With this increased speed, the company increased their user base by 5x. Additionally, they were able to onboard new partners four times faster than with their legacy point-to-point solution.
“MuleSoft’s API-led connectivity approach is significantly contributing to the extraordinary pace we are traveling at. Anypoint Platform is at the core of our many fintech initiatives,” said Greg Igaya, CTO of Mynt.
With the help of their API-led approach to connectivity, Mynt is now able to deliver business solutions faster, enabling their partners to overcome issues associated with fragmented, manual, and largely cash-based transactions by providing ecosystems that drive cashless transactions for disbursements, collections, payments, and more.
Read the full case study by WhiteSky Labs to learn more about Mynt’s journey with MuleSoft.
