API Banking


UK government set up the Open Banking Working Group for banks and FinTechs to develop a framework for an open API standard. This business focus also stems from millennial consumers’ desire for dynamic experience across channels and value chains. API Banking will empower banks to enhance their digital offerings using an ecosystem of 3rd party applications and services to realize new revenue streams. It also helps achieve faster innovation which banks can’t ignore.

Business Benefits

  • APIs allow mobile apps and websites to access banking data from multiple sources giving clients a holistic view like integrating rewards program with retailer partners
  • Expand brand with new partner ecosystems. Add new revenue streams and accelerate innovation
  • Reduce build cost by tapping into a wider community
  • Reduce constraints on legacy technology issues and scale up business with agility

Highlights

VitusaPolaris has built a set of API Banking use cases.

Regulatory

  • eKYC

Process

  • Credit Bureau connects
  • Market place Alliances
  • Public and Social APIs

System Integration and Innovation

  • Mobile apps – integrating third party development
  • IoT Integration – Location based services

Data

  • Source of data – connect with Big, Market Data
  • Live Social Media Data Feed

Differentiators

General

  • Proven implementation for marquee clientele
  • Provides advanced API usage based analytics

API Banking Solution

  • Enterprise grade APIs for seamless integration utilizing existing, system and interaction of APIs
  • Meet scalability demands runtime
  • Expand coverage of existing APIs for other use-cases

Tech./language agnostic

Strategic Partnership

  • IBM API Connect