Ayoconnect: Leveraging IoT to Deliver API-Powered Financial Products
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Ayoconnect, a SaaS company based in Southeast Asia, aimed to provide an open finance platform for developers to deliver a range of financial products to their customers. However, the company faced challenges in launching the platform on a cloud environment due to regulations requiring Indonesians' financial and transactional data to stay within the country. The domestic cloud service provider they initially used could not fully meet Ayoconnect's requirements, leading to performance and stability issues. Furthermore, the company needed to transition from a business-to-consumer model to a business-to-business model, which required standardization and visibility to solve issues created by multiple infrastructure types and API formats across financial services.
Ayoconnect is a SaaS company founded in 2016 and headquartered in Southeast Asia. The company builds an open finance platform for developers to select from a range of financial products and deliver them to their customers. By making direct debit, bill payment, subscription management, and data verification services available via APIs, Ayoconnect aims to build an infrastructure that enables clients to monetize and expand their businesses quickly and efficiently through open finance. The business employs 270 people spread across six countries and has grown from two clients in 2019 to 130 to date, including several big technology companies and banks.
With the launch of Google Cloud in Jakarta, Indonesia in 2020, Ayoconnect was able to comply with the country's data sovereignty requirements while leveraging Google Cloud's products, services, infrastructure, and expertise. The company adopted a Google Cloud architecture centered on Google Kubernetes Engine (GKE) and Cloud SQL, with Bitbucket pipelines used to automate the deployment of code and security scripts. Identity and Access Management enabled Ayoconnect to provide its teams with role-based access to data and systems, ensuring its security systems and processes met the requirements of enterprises operating in highly regulated industries. Ayoconnect also partnered with technology consulting firm Searce to deploy the Apigee API management platform, which now authenticates Ayoconnect clients to access the business's API products.