Financial Data Access Method: Find the Right Match

 

You can easily access our blog post, in which we explain the correct access methods to financial data, on our blog page and find the answer looking for.

 

Table of Contents

Rest API

Direct Database Access

Bulk File Downloads

WebSocket API

Final Thoughts 

 

Financial Data Access Method: Find the Right Match

Technology is causing changes in many areas of life, and the financial sector is no stranger to it anymore, as you know. The past few years have shown how technology can impact the financial industry as new applications are created. Most of the financial applications and services available are heavily dependent on users accessing personal financial data at this stage. Data access is the building block for most financial services. It would be impossible to create innovations without access to financial data.

When we consider these reasons, we see how important financial access is. Currently, several methods are available. But after so many options, we have to ask an important question. Which one should we use? Which is best for us? Let's discuss the best finance data access methods and which one you should choose!

 

1. Rest API

We can say that this method is the most suitable and perfect choice for users who need to access real-time data. It is the best choice for collecting market data at a certain time of the day. However, it may not be very suitable for situations where you want to collect data throughout the day. The best thing about Rest API is that it is customizable to everyone's needs. For example, Finage offers our customized data solutions for special occasions.

Rest API is the standard method for generating underlying data and related data. This involves financial records and transactions. Basic authentication is done with HTTPS. The API is supported in 6 languages. These are: 

• JavaScript
• Java
• C#
• ruby
• R
• Python

 

2. Direct Database Access

This method works with any data feed. You have access to terabytes of data. This method allows 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.

Although this slows things down compared to Web API, it still allows you to access data at high speeds. Also, integration with other tools is possible. Our company also offers users multiple integration options, including SnowFlake.

 

3. Bulk File Downloads

Historical data about the market is collected in CSV format. This should be your preferred option when you want to download large amounts of data at the same time. For example, if you need to sum the stock price for 10 years, this method is the right choice for you. If you are looking for bulk download files, our company can help you here too.

 

 

4.WebSockets

This API helps developers control security prices throughout the day. It also provides real-time market data. The WebSocket connection provides live data feeds on prices. That's why it's the preferred method when you need constant and real-time access to prices. What else is there?

• You can find different plans that allow you to check individual prices or the price of an entire stock at once. Either way, you will always get the latest data available.
• Pricing will depend on how much data you need.
• The duration of the data collection period will also affect pricing.

 

Final Thoughts

 

In today's article, we talked about the correct access methods to financial data and explained the important methods. As you can see here, digital innovation in the financial sector is largely based on the availability of market feeds for developers. Access to data increases the rate of major innovations as developers will have fewer barriers to overcome. Greater reach helps financial institutions better communicate and deliver their services to customers.

 

At this point, it is very important to choose the right financial data access method. The method you choose will depend on the type of data needed. For example; 

• Batch File Downloads are the preferred method for accessing large amounts of historical data.
• Developers who need to control security prices throughout the day can use WebSockets.
• Rest API is the right choice when you need to collect market data.

 

Finally, Direct Database Access allows you to work quickly on large amounts of data from all sources. This will help you find what you need in a short time. We hope that this blog post will be beneficial for you. We will continue to create useful works in order to get inspired by everyone. We are sure that we will achieve splendid things all together. Keep on following Finage for the best and more. 

 

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