Financial Data Access Method: Find the Right Match — Finage

Looking for the right financial data access method? Read the article to get more information and tips!

Financial Data Access Method: Find the Right Match

Technology is causing changes in many aspects of life and the financial sector is no stranger. The past few years have shown just how technology can impact the financial industry as new applications are being produced. The majority of financial applications and services that are available hugely rely on users granting access to personal financial data. Data access is the building block for the most financial services. Without access to financial data, it would be impossible for innovations to be created.

For these reasons, choosing the right financial data access is crucial. Currently, several methods are available. But with so many options, eventually the question comes down to

which one should you use? Let’s discuss the top financing data access methods and which one you should pick!

Contents:

1. Rest API

2. Direct Database Access

3. Bulk File Downloads

4. WebSocket API

Final Takeaway

1. Rest API

Developers can use this method to access data about the financial market. Rest API makes it easy to integrate data. So the result is a seamless system that can access a wide variety of data.

This method is perfect for users who need access to real-time data. It is the best choice for collecting market data at a specific time of the day. However, it is not for cases when you want to collect data throughout the day. Rest API can be customized to suit your needs. For example, Finage provides our customized data solutions for special cases.

Rest API is the standard method for producing fundamental data and related data. This includes financial records and transactions. The basic authentication is done with HTTPS. The API is supported in 6 languages including:

• JavaScript
• Java
• C#
• Ruby
• R
• Python

2. Direct Database Access

This method allows you to sort through a lot of data in a short time. It can be used by:

• Startups
• Enterprises
• Developers
• Traders

It works with any kind of data feed. You have access to terabytes of data. This method will allow you to scan any amount of data so that you can easily find what you need. Direct Database Access uses SQL queries to help users find what they need.

Even though this may slow things down compared to Web API, you can still access data at fast speeds. Integration with other tools is possible. Our company also provides users with multiple integration options including SnowFlake.

3. Bulk File Downloads

Anyone who needs large flat files of data can use this method. This method predominantly collects historical financial data.

Historical data about the market is collected in CSV format. It is the option of choice when you have to download large amounts of data at once. So for example, if you have to collect the price of the stock for 10 years, this method is the right choice.If you are looking for the bulk download files, our company can help you here too.

4. WebSockets

This API allows developers to check the security prices throughout the day. It provides real-time market data as well. The WebSocket connection provides live data feeds about prices. So it is the method of choice when you need to access continuous and real-time prices.What else?

• You can find different plans that allow you to check for individual prices or the price of an entire stock at the same time. In both cases, you will always get the latest data available.
• The pricing will depend on how much data you need.
• The duration of time to collect data will also affect pricing.

Final Takeaway

Digital innovation in the financial sector relies heavily on accessibility to the market feeds for developers. Access to data increases the chances of great innovations as developers will have fewer barriers to overcome. More access allows financial institutions to better communicate and offer their services to customers.

Choosing the right financial data access method is of huge importance. The method you pick will depend on the type of data that is needed. For example:

• For accessing large amounts of historical data, Bulk File Downloads is the method of choice.
• Developers who need to check security prices throughout the day can use WebSockets.
• In cases where you need to collect market data, then a Rest API is the right choice.
• Finally, Direct Database Access allows you to work through large amounts of data from all sources quickly. This helps you find what you need in a short time frame.

If you are looking for consultation or additional information about the right financial data access method, you can contact the Finage company and we will be happy to help you!