Banking platform

Wipro Limited has launched Open Banking API (Application Programming Interface) Platform which creates 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 to 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 said it expects 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 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. fii-news.com