Sector Spotlight: Integration Platforms-as-a-Service (iPaaS)

Sector Spotlight: Integration Platforms-as-a-Service (iPaaS)

APRIL 3, 2025

Integration Platforms-as-a-Service (iPaaS) reduce the complexity of integrating, tuning, and maintaining API connections between modern and legacy enterprise applications. They’re designed to enable the quick integration of best of breed applications and sharing data between them. In banking, they integrate with systems including the core and technology that supports payment services, digital channels, fraud management, data management, and CRM software. Modern iPaaS solutions are cloud-native, microservice-based software with RESTful APIs. They also include tools for security, API governance and traffic control, and analytics, and may allow institutions to publicly expose APIs.

What’s going on in iPaaS

iPaaS are a descendant of legacy internal API gateways and data interpreters that were designed as a hub to connect internal systems. Those are still in use: In banking, these API gateways connect the core, applications offered by the core provider, and third-party applications, and come with a core banking solution. Over time, they’ve been modified to expose some APIs publicly. Persistent problems with legacy API gateways are that they’re not designed to customize how core systems interact with third-party software. API management solutions fulfilled the need to build, manage, and maintain integrations, and cloud-native enterprise integration platforms have emerged to unify connections to multitenant, ASP, and on-premise software and share data across services.

iPaaS vendor snapshot

The iPaaS space is a mix of vertical iPaaS for different industry segments, including banking, and horizontal iPaaS compatible with a variety of industries’ needs. Depending on their industry focus, some iPaaS may be irrelevant to banking; others may be designed specifically for it. The space also includes cloud providers with a mix of services for developers that together create iPaaS functionality.

Here’s a snapshot of iPaaS for banking and the companies that offer them. It does not include all iPaaS providers. We exclude standalone API gateways and API management platforms, core providers’ legacy enterprise integration platforms, iPaaS providers that don’t advertise a solution for banking, and companies without a meaningful US presence.

Backbase: Backbase offers an API management platform and integration layer for core banking and fintech software in addition to out-of-the box software for retail, small business, commercial, private banking, and wealth management.
Boomi: Boomi’s key product is the Boomi Enterprise Platform, which includes enterprise integration and API management sold across a broad cross section of industries and with use cases for different verticals.
Core10: Core10, which was founded in 2016, offers several products for financial institutions, including account opening, lending, and its integration platform, Mesh. Mesh is designed specifically to work with banking cores and banking applications.
IBM: IBM offers webMethods, which it acquired from Software AG in 2024, as a key part of its enterprise integrations offerings. webMethods includes application integration, API management, partner onboarding, and secure file transfer.
Informatica: Informatica offers the Intelligent Data Management Cloud, which is composed of iPaaS features including data and API integration and management, to many industries.
Mulesoft (Salesforce): Mulesoft, which Salesforce acquired in 2018, offers its Anypoint platform for iPaaS. It includes API management, software integration, process automation, and AI tools that can be applied to a variety of industries.
Portx: Portx, founded in 2013, is an enterprise integration platform designed for banks, credit unions, and fintechs that advertises simplified and reusable API connectivity for embedded finance, Banking-as-a-Service (BaaS), payments, and data management.
Sandbox Banking (nCino): Sandbox Banking, which nCino acquired in February, provides several software solutions specifically for financial solutions, including its iPaaS product, Glyue.
SAP: SAP’s Integration Suite is the company’s enterprise integration platform, which includes API and partner management. It’s part of the company’s Business Technology Platform, which is sold to many industries.
SnapLogic: SnapLogic offers the Intelligent Integration Platform iPaaS product alongside SnapLogic AI, a tool for building enterprise AI assistants, to integrate data, applications, and to manage APIs.

What to look for in iPaaS

Vertical or horizontal: Focus on banks and credit unions versus broad groups of industries that may include banking.
Environments: Integrates applications that are on-premise, provided via ASP, or in a multitenant cloud.
Vendor flexibility and built-in connectors: Out-of-the box integrations for relevant banking and enterprise applications, including the core and payment systems.
Need for developers: Low- or no-code interfaces, including AI assistants, that nontechnical staff can use to manage settings without relying on professional services or in-house IT.
Data and API governance: Ability to manage APIs connecting systems and ensure data integrity and consistency.

CCG Catalyst’s Sector Spotlights highlight third-party solutions, products, and the companies that offer them. They provide a snapshot of the latest innovations, trends, and key players within the financial services industry.

Sector Spotlight: Integration Platforms-as-a-Service (iPaaS)

Sector Spotlight: Integration Platforms-as-a-Service (iPaaS)

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