Wipro launches Open Banking API platform

Wipro has announced, the launch of its Open Banking API (Application Programming Interface) platform for banks and financial institutions.

The Open API platform will enable banks and financial institutions to launch Open Banking initiatives and create 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 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 especially in the European banking industry due to 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’s Open Banking API platform accelerates banks’ journey towards the establishment of an API-enabled value ecosystem and simplifies the onboarding and integration of FinTech services. In addition to accelerated time-to-value, the platform equips banks with the ability to create and manage an API-enabled ecosystem through a single unified platform. The platform can engage an ecosystem of partners/developers to create new revenue streams and foster innovation.

Krishnakumar N Menon, vice president - Service Transformation, Wipro said, "With over 15,000 open APIs in existence already, an increasing number of organizations are realizing the true potential of an open API ecosystem. Open Banking is disrupting the banking industry with new business models and an open innovation culture. Our platform is well poised to enable banks embark on their Open Banking journey."

The platform leverages IBM API Connect, which offers capabilities to create, run, manage and secure APIs and micro services. It enables organizations to rapidly deploy and simplify the administration of APIs for both on-premise and cloud environments.

David Wilson, vice president, IBM Cloud Business Partners and Channel Innovation said, “Open Banking will transform financial institutions into digital platforms by securely exposing their data and products, while providing innovative services to their customers.  IBM is excited to partner with Wipro, powering the underlying technology, enabling Wipro to deliver a secure, robust and best-in-class open banking API infrastructure.”