Open Banking - the basis for banks in the era of digital economy

 
Banks face intense pressure to increase efficiencies and reduce costs while delivering next-generation digital services; however, incumbent application vendors have been slow to respond to new requirements....

Gartner analysts

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Open Banking is a complete change in the strategy and vision of the future for your bank over the next 5-10 years, and you need to implement changes right now.

Thomas Labenbacher

RUSBASE: What is Open Banking?

What is Open Banking?

 
  1. 1

    Banks provide data for partners through an API

  2. 2

    Partners create new financial applications for end customers, using bank data via the API

  3. 3

    This attracts new customers, because the clients of the partners are the bank's clients now

  4. 4

    Bank provides the basis for new FinTech businesses. The partners ensure a faster release of new products, increasing the client base of the bank

Before

After

Technical basis of Open Banking - API management systems

 

In the world, and especially in Europe, the concept of Open Banking is being implemented actively, especially after publication of PSD2 directive.

PSD2 directive - what is it?

It is the European Parliament and the European Commission directives, which require banks to provide an API to the data and customer transactions. PSD2 is like MNP (mobile number portability) in the banking sector.

But we are in Russia - PSD2 has nothing to do with us!

Russian mobile operators spoke the same about MNP, but transition with own number is a reality for several years. There are all reasons to expect similar directives from Russian regulator in the nearest future. And it's wise to be ready for it.

Ok, but how do I open this API?

A special class of systems is used for this - API Management. Our company implements WSO2 API-M.

But all of this costs very expensive, why should I spend money now?

Serious changes are going on - the transition to the digital age. Someone has a chance to become a market leader, and someone "will remain overboard". And it is not so expensive: the solutions we offer are based on Open Source. The product is completely free, all sources are available. You pay only for consultations / implementation and then (if you want) for support.

It's free? Let's talk about this in details.

I'm glad that you are interested in new opportunities for your business.

I will be glad to meet you at a convenient time to tell all the details.

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