Bangalore: Wipro today announced the launch of its Open Banking API (Application Programming Interface) Platform. The Open API platform will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardization of APIs.
Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution. It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models.
Wipro expects a large number of banks and financial institutions to adopt Open Banking initiatives to conform with evolving banking regulations, meet customers’ digital expectations, and stay ahead in an increasingly competitive FinTech industry.
Wipro’s Open Banking API platform accelerates banks’ journey towards the establishment of an API-enabled value ecosystem, and simplifies the onboarding and integration of FinTech services. In addition to accelerated time-to-value, the platform equips banks with the ability to create and manage an API-enabled ecosystem through a single unified platform. The platform can engage an ecosystem of partners/developers to create new revenue streams and foster innovation.
Krishnakumar N Menon, VP – Service Transformation, Wipro said: “With over 15,000 open APIs in existence already, an increasing number of organizations are realizing the true potential of an open API ecosystem. Open Banking is disrupting the banking industry with new business models and an open innovation culture. Our platform is well poised to enable banks embark on their Open Banking journey.”
The platform leverages IBM API Connect, which offers capabilities to create, run, manage and secure APIs and micro services. It enables organizations to rapidly deploy and simplify the administration of APIs for both on-premise and cloud environments.
David Wilson, VP, IBM Cloud Business Partners said, “Open Banking will transform financial institutions into digital platforms by securely exposing their data and products, while providing innovative services to their customers. IBM is excited to partner with Wipro, powering the underlying technology, enabling Wipro to deliver a secure, robust and best-in-class open banking API infrastructure.”
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