The financial services industry is continuously evolving, and it is essential to optimize collections strategies to maintain liquidity and minimize risk. One of the most critical choices for credit un...
If you’ve ever worked with a payments product development team, you may have heard the term SDK technology. SDK stands for software development kit. In simple terms, it is a set of tools, programs, and guidelines software developers can use to build an application that's specific to a platform. You can think of SDK technology as an essential toolkit for developing secure software that enhances the user experience for your banking customers. In this blog post, I’d like to explore the advantages and benefits of using an SDK to develop software for your institution’s payments program.
The SDK Toolkit for Payments Applications
When you think of a toolkit, you probably imagine a hammer, screwdrivers, nails, and other tools you need to construct a project. An SDK is similar in that it is a digital toolkit for software developers. Instead of a hammer and nails, though, the SDK toolkit contains application programming interfaces (APIs), place IDs, libraries, and other tools that software developers need to build an application. APIs help facilitate the sharing of information between applications and platforms, but SDKs help developers build functionality and additional applications that can communicate directly with other platforms. SDK can help developers build a simple program or an entire payments platform for mobile and desktop users.
The Benefits of Using SDK to Develop Payments Software
There are many benefits for financial institutions that use SDK to develop their payments software and applications:
Consistent User Experience
SDK provides the smoothest and most consistent experience for both the developers creating the platform and the end-user of the digital product.
Faster Deployment
Using SDK means developers don’t have to create code from scratch—they just have to find a code that works for a specific platform. This speeds up the deployment process, which brings your technology to the market faster, and saves your institution time and money.
Payment Card Industry (PCI) Compliance
Payment Card Industry Data Security Standards (PCI DSS) sets the minimum standard for data security. SDK helps developers remain compliant with PCI DSS requirements
Helps Enforce Data and Security Requirements
The SDK toolkit can help product developers enforce data security requirements for storing sensitive information, such as account numbers, passwords, and transaction processing information. This enables your institution to better secure your sensitive data and could help decrease the risk of identity theft for your account holders.
In summary, SDK is a powerful technology toolkit that can help your institution bring your payments technology to the market faster, provide a more consistent user experience for account holders, and help you manage risk more effectively.
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