vritti
Mobilution
September 2017
7
We can see the signs of shift towards open banking or platform banking as
increasing number of financial institutions are voluntarily providing access to
third party applications through APIs. Few of them are:
N26, a Germany based
digital only challenger bank
has forged partnerships
with a wide variety of
financial service providers
such as TransferWise and
Allianz, to offer complementary
products on its platform.
Capital One, a USA
based bank has
launched a developer
portal - Capital One
DevExchange, along
with open APIs
BBVA, a Spanish bank
launched “Open Banking
Business”, which enables
third parties to integrate
with BBVA's data to build
new applications and
use cases.
Europe's third largest bank,
Credit Agricole, provides an
app store through which
customers can download
apps which complement its
core offerings. It does this
by exposing APIs to external
developers who can then build
novel apps with its data.
Similarly, in Japan
MUFG, Japan's
largest is reportedly
planning to provide
secure access to its
online banking
systems to
fintech firms.
OPEN BANKING: GAINING SIGNIFICANCE