Global banking infrastructure SaaS company Fable Fintech on Thursday (Dec. 16) launched plug-and-play open banking platform API Hub to allow banks to streamline the onboarding and integration process for large and medium-sized corporate customers, ERP systems, aggregators and payout partners.
API Hub — which accommodates cross-border, FX and trade transactions — features frictionless, inclusive and customized features, regardless of the client’s technology stack.
“In line with creating a scalable, customizable and efficient open banking ecosystem, we are proud to announce the launch of our API Hub,” said Naushad Contractor, founder and CEO of Fable Fintech, in an IBS Intelligence report. “The solution is designed for banks to offer an independent platform to its corporate banking clients and their ERP systems.
“At the same time, Fable API Hub also empowers corporates to collaborate with diverse FinTechs, offering high degree of flexibility and security,” he said. “Given our deep-rooted sector understanding, coupled with diverse technical expertise, we have developed a library of APIs to empower our clients, better adapt and integrate with the dynamic banking needs across cross-border payments, FX and trade transactions. In time, we will continue adding newer APIs to build a system-agnostic gateway to new-age open banking.”
Fable recently raised Series A funding from investors including Pentathlon Ventures, stock market investors Ashish Kacholia and Lashit Sanghvi, former Wall street banker Sumeet Kanwar and existing investors Paytm and Infibeam Avenues.
Fable has processed about 8 million transactions totaling about $14 billion.
Regulations regarding payment systems innovation hasn’t kept pace with the progress in the digital economy, especially when it comes to open banking, Finicity CEO and Co-founder Steve Smith told PYMNTS CEO Karen Webster.
Unlike in the European Union and United Kingdom, where the General Data Protection Regulation (GDPR) and other regulations make it easier for customers “to move more freely among players within the financial services industry,” the U.S. market has developed a series of piecemeal solutions, he said.
In the U.S., issues related to data portability have been made more problematic because they’re governed by a slew of bilateral agreements between private entities.