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Wipro recently 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. Open Banking has been gaining significant momentum across the globe, especially in the European banking industry – driven by changing regulatory mandates. Revised Directive on Payment Services (PSD2), is one such regulatory mandate that aims to standardize, integrate and improve payment efficiency in the European Union.
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. These are transforming the way banks approach products and distribution.
The banking business landscape demands disruptive requirements such as having a single unified technology platform for all of a bank’s crowdsourcing interactions with its developers involved with building its technology platforms or even creating branch-less banking experiences through a 100 per cent online presence. These needs extend well beyond the capabilities of regular API management.
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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. By enabling compliance with emerging Open Banking regulatory mandates such as PSD2, the platform helps organizations keep pace with banking industry trends.
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, Vice President – Service Transformation, Wipro Limited 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, Vice President, IBM Cloud Business Partners and Channel Innovation 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.”
Wipro’s Open API platform fosters a culture of open innovation across financial institutions. The proliferation of partner APIs and third party ecosystems have encouraged the industry to expand the market and improve accessibility of products and services.
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