Wipro, the information technology, consulting and business process services company, announced Monday (Nov. 7) it launched its Open Banking API platform.
The Open API platform will enable banks and financial institutions to launch Open Banking initiatives. With an open banking initiative, the company says financial institutions can create new forms of distribution channels and servicing capabilities, as well as provide access to third-party application marketplaces. It also gives them a way to comply with emerging regulatory norms through the standardization of APIs, 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 [to] embark on their Open Banking journey,” said Krishnakumar N Menon, VP of service transformation at Wipro Limited, in a press release.
According to the company, 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. With it, Wipro said it enables greater financial transparency and helps financial institutions 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, Wipro noted.
Wipro said it expects a lot of banks and financial institutions to embrace Open Banking initiatives to meet ever-changing banking regulations, as well as customers’ digital expectations. It also a way for financial firms to stay ahead in an increasingly competitive FinTech industry, Wipro said.
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