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Software major Wipro today unveiled an open banking application programming interface (API) platform to enable banks provide financial services to customers directly or through third-party developers.
"The API platform will enable banks and financial institutions to create new forms of distribution channels and servicing capabilities and comply with regulatory norms," said the city-based outsourcing firm.
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As an emerging trend in financial technology, open APIs also enable third-party developers build applications and services for financial institutions.
"We expect more banks and financial institutions to adopt the platform to conform to regulations, meet customers' digital expectations and be ahead of competition in the FinTech industry," said the statement.
Besides accelerated time-to-value, the platform equips banks to create and manage an API-enabled ecosystem for new revenue streams and foster innovation.
"Open banking is disrupting the financial industry with new business models and an open innovation culture. Our platform is well poised to enable banks embark on such a journey," said Wipro Vice-President, Service Transformation, K.N. Menon.
The platform leverages IBM API Connect, which offers capabilities to create, run, manage and secure APIs and micro services.
"Open banking will transform financial institutions into digital platforms by exposing their data and products, while providing innovative services to their customers," said IBM Cloud Business Partners Vice-President David Wilson.