Nedbank has launched a secure application programming interface (API) platform aligned with Open Banking standards that will allow technical partners to create new digital solutions.
They can use the Nedbank API_Marketplace to “leverage” the bank’s data and financial capabilities and integrate with the bank’s standard, secure and scaleable APIs, it said in a statement.
“The result is innovative and exciting products and services that deliver secure, enhanced client experiences in shorter timeframes,” said chief information officer Fred Swanepoel.
“Nedbank is championing a fundamental shift in banking, placing clients’ data back in their hands and empowering them to decide who to share their data with,” he said. “This also opens the door for third parties to partner with the bank to provide digital solutions that have not been seen in the market.”
The technical partners include fintech companies, cellular service providers and online retailers.
The development comes on the back of the “Open Banking and PSD2 wave” in the UK and Europe. “These regulations direct banks to relinquish their monopoly on client data and banking functionality to provide clients with more innovative banking and financial services options.”
Though South African banks are not governed by the regulations, Nedbank has decided to embrace them to create a “more client-centric and transparent approach to financial services”, it said.
Nedbank is providing a range of APIs that adhere to a “standard pattern” to ensure that integration is seamless, the company said.
“The Nedbank API_Marketplace is creating opportunities to disrupt the traditional approach to banking and financial services while laying the groundwork for a truly client-centric, market-orientated and innovation-driven future in the digital world,” said Swanepoel. — © 2019 NewsCentral Media