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In the intricate domain of finance, the dependency on conventional data integration methods has birthed an array of formidable challenges. Financial entities find themselves ensnared in a web of impediments, grappling with protracted onboarding procedures that hinder business growth, navigating through a labyrinth of convoluted data-related problems, contending with escalated operational costs, and facing the grim reality of sluggishly growing revenue streams.

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Partner onboarding is a crucial process for businesses aiming to establish fruitful relationships with external entities, whether they be suppliers, distributors, or strategic partners. However, this process comes with challenges that can hinder efficiency and productivity. 

According to a survey by Deloitte, 33 percent of companies cite integration complexity as a major challenge in partner onboarding.

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When computing and evaluations began shifting from enormous mainframes to smaller, distributed systems, these systems needed a highly stable means of communicating links. One of the first methods, electronic data interchange (EDI), helped systems share and exchange data in well-defined formats.