As their name reflects, DueDil provides due diligence services ranging from customer-specific risk evaluations and selections to customer onboarding and real-time risk monitoring for leading financial services, high-growth tech and insurance companies. Founded in 2009, the company helps more than 3,000 enterprise users from over 400 clients to not only understand with whom they’re doing business, but to do so with increased efficiency and in compliance with regulatory requirements.
Due diligence services have evolved in recent years, both because of new regulations and new technologies supplanting legacy systems and processes, many of which relied until recently on pen-and-paper workflows or exhaustive spreadsheet work. DueDil knew this technology transformation represented an opportunity to replace manual processes with automation–but it also recognized a second opportunity: to not merely process data but also activate it by connecting information in disparate IT systems and generating data-driven insights delivered at scale.
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To capitalize on this opportunity, the company built its Business Information Graph, or B.I.G., a platform that maps approximately 300 million connections among companies. B.I.G. ingests billions of data points, and is refreshed multiple times per day, to surface unique insights about business’s relationships, such as fraud risks. The results that B.I.G. drives often speak for themselves: some DueDil customers onboard partners up to 80% faster, perform risk verification up to 18 times faster, and reduce time spent on manual portfolio checks by up to 80%.
What powers all of this transformation? Application Programming Interfaces (APIs).
“From a go-to-market standpoint, our product is an API,” said Denis Dorval, DueDil COO, in a recent webcast, explaining that customers can directly tap B.I.G.’s resources for themselves, and build atop them for their own needs, via DueDil’s API.
Choosing an API management platform to deliver fast, secure, and scalable APIs
To execute on their vision of connecting B2B ecosystems for better insights and efficiency, DueDil looked for a cloud provider that could fulfill several specific criteria. They needed robust management for the APIs with which their internal developers leverage different systems for new use cases and process automations, as well as for the productized API they offer to customers. They needed sophisticated analytics and abundant processing power to crunch through billions of data points. And, they needed enterprise-grade security, scalability, and agility to underpin it all. Last but not least, the company prioritized a smooth transition; DueDil did not want the user experience to suffer as it switched providers.
“The stability of Google Cloud’s Apigee API management platform and the strength of its services stood out”, said DueDil’s Engineering Manager, Robert Cicero.
“Apigee is a resilient and agile platform, fulfilling our need to build APIs quickly, safely, and at scale,” he remarked, noting that he appreciated that many of Apigee’s API security defense tools and policies work out-of-the-box. For instance, Apigee’s JSON threat detection policies, custom policies, and authentication and authorization processes can be deployed instantly and add minimal latency, meaning DueDil can stop security threats before they enter its network while still avoiding the risk of service lags.
Today, DueDil has five internal services that facilitate business due diligence, all exposed via Apigee. They also use Apigee’s monetization feature to drive API consumption. This said, because DueDil’s go-to-market strategy is fast-paced and client-oriented, they most often use Apigee to rapidly prototype APIs for their clients, so they can understand what a specific API would look like and how it would behave. This allows DueDil, its partners, and its customers to spend more time delivering value from insights rather than getting bogged down in building backend systems.
Moreover, Apigee made it simpler to also connect to other Google Cloud services, such as BigQuery, Google Data Studio, and Google Cloud Storage. Apigee acts as a central nervous system among systems, giving DueDil not only the ability to connect systems and automate processes but also insight and visibility into how its B.I.G. services are being used by partners and customers.
Plus, added Cicero, “the migration to Apigee was seamless, with arguably our biggest win being that no one knew that we had switched API management providers to Apigee.”
Leveraging APIs to provide self-service while enforcing security and governance policies
Moving forward, DueDil plans to leverage Apigee to give staff members and clients more privileges, visibility, and opportunity to create and edit apps in a self-service manner, without needing to rely on an IT department or endure long approvals processes. Harnessing APIs to open up B.I.G. and other capabilities to more teams across the company will also allow DueDil to move faster and include more people in the innovation process. Leveraging Apigee API management capabilities, DueDil also intends to dive deeper and experiment with other Google Cloud products and services, including Cloud Function, Cloud Pub/Sub, and more.
“At the end of the day, every company goes about due diligence a little differently. The only way that we at DueDil are able to provide something that is configurable and dynamic to diverse businesses is if we use platforms that can adapt, too,” said Cicero. “Apigee gives us the agility required to create and deliver for a wide variety of businesses.”
Google Cloud, today, works across banking, capitalmarkets, insurance, and payments worldwide to solve their most challenging problems. Click here to learn more about how Google Cloud Apigee API management can help you design, secure, analyze, and scale APIs anywhere with visibility and control. To try Apigee API management for free, click here.
By: Vikas Anand (Head of Product (Director) – Business Application Platform, Google Cloud)
Source: Google Cloud Blog
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