The Open World of Finance
1 January 2023
API Explained
Open financial ecosystems are revolutionizing how financial data and services are shared and consumed. By breaking down traditional banking boundaries, these systems empower innovation, competition, and personalization across the financial landscape. With APIs at the core of this transformation, financial institutions can connect seamlessly with third-party providers to deliver a more integrated, customer-centric experience.
Setting the Ground
Open Finance
A concept that encompasses the sharing of financial data and services beyond traditional banking boundaries.
Open Banking
A specific subset (typically government-driven) of open finance around customer account information and payment initiation through APIs.APIs also provide information on facilities, products and services (FPS)
Banking as a Service
A model where banks provide core banking services to other businesses through APIs, allowing them to offer financial products without holding a banking license
Digital Banking Journey
New Revenue Streams
Emerging models like BaaS and Open Banking unlock additional revenue channels for banks and their partners.
Compliance
Meeting regulatory standards like PSD2 while ensuring security and privacy.
Enablement
APIs allow seamless interaction between core banking systems and external applications.
Discover How Open Banking is Changing Financial Services. Explore Our Demo Portal to See It in Action.
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