The Open API has changed the way banks serve their customers, in order to improve the user experience and increase competitiveness in the market. This promotes the development of new operating models in the Finance – Banking industry, typically Open Banking.
Why is Open API key to Open Banking?
Currently, users are using too many applications for payment, financial management, shopping, authentication,etc. In other words, having to load a series of different applications at the same time causes users a lot of trouble and complexity in sharing data, managing reports or retrieving information. So, that has led to the increasingly widespread use of APIs as well as integrated applications namely Open Banking.
The main purpose of the Open Banking API is to create a unified model that allows financial data to be shared between two or more third parties. Widespread use of Open APIs, banking institutions form a true API ecosystem; providing the best customer experiences thanks to the ability to combine the digital services of multiple providers in one application. Users can access a variety of financial products and services directly connected to the financial databases of banks.
Along with the development of the Industrial Revolution 4.0, more and more consumers use products and services from Fintech. Therefore, instead of competing, cooperation with Fintech companies is essential for the bank to stay ahead of new technologies to provide attractive services to its customers. This approach forces banks to establish an open API architecture that facilitates the plug-and-play integration of banking and Fintech services, ultimately creating banking app stores with multiple utilities and services.
“Open Banking” – Open Banking using Open APIs is becoming a new trend. Open banking creates opportunities to form diverse integrated financial and non-financial services, generate new revenue sources for financial institutions, and expand customer base with a secure ecosystem of data sharing applications.
Open API application for Savyint Open Banking Solutions: A comprehensive solution system for Open Banking
Pioneering and accelerating strongly on the digital transformation race, SAVYINT has been ahead of the Open Banking trend. In addition to launching Savyint Open Banking Solutions specifically designed for the Finance – Banking industry, meeting the legal – technological needs to connect and build a digital financial ecosystem, SAVYINT also connects and cooperates with prestigious organizations and enterprises on Open API in Vietnam and around the world to develop an open ecosystem with Open API such as DX Open Healthcare Platform (Open Health), DX Open Gov (Open Government),…
Some of SAVYINT’s leading partners in providing Open API and Open Banking solutions:
- WSO2: WSO2 is currently a leader in the field of providing open source technology in the world. WSO2 is a company with outstanding strengths in providing comprehensive API technologies and strategic advice to many world-leading organizations and enterprises in the fields of Finance – Banking, Education, Health, Digital Government. WSO2 is currently a leading partner of SAVYINT in providing API Management solutions (API Manager), Identity Server, Open Banking, Open Healthcare, to develop secure and convenient open platforms for all 3 parties Customers – Suppliers – Regulators.
- Salt Edge: Salt Edge Inc. is a leading global financial technology company that initiates payments through a unified API gateway and develops technology that helps banks comply with the requirements of the PSD2 Revised Payment Directive and Open Banking. Combined with pioneering technology solutions from Salt Edge, SAVYINT is gradually modernizing the banking industry, changing the way financial institutions operate and improving the user experience.
- Ping Identity: Ping Identity is a company that provides single sign-on (SSO) technology that gives users access to applications related to Company Data. Ping has been named a leader in customer identity and access management by KuppingerCole for three consecutive years and won the Cyber Security Excellence Award in 2018. Solutions in security, identity, access management, API with the cooperation between SAVYINT and Ping Identity are serving a large number of customers in key areas of digital transformation investment in Vietnam: Government, Finance – Banking, Manufacturing, Retail, Health, Education…
With a solid technology foundation and infrastructure and partners with experience in implementing and operating the world’s leading Open API, SAVYINT will provide customers with the most advanced technologies and optimal user experience.
Contact SAVYINT today to help your organization lead the way with Open Banking!
