NCR Buys Intellectual Property to Advance Open Banking

NCR Corporation, a global enterprise technology provider, has purchased FinTech intellectual property for open banking from Canada-based Spoke Technologies, NCR announced Tuesday (March 8). Terms of the deal were not disclosed.

“We are excited about the added value this brings to clients who want to drive digital banking in international markets, enable open banking and to bring together retail and financial experiences for our clients and their customers,” said NCR Executive Vice President Ismail Amla in a statement.

Amla said the deal accelerates NCR’s move into open and international digital banking with the addition of data integration that supports personalization and customer-led experiences that are applicable across financial services and supports the convergence of finance and retail for key clients.

Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction and other financial data from banks and non-bank financial institutions (FIs) using application programming interfaces (APIs).

NCR said the acquisition is consistent with its strategy to acquire intellectual property to enhance established and emerging product capabilities, extending NCR leadership in the vertical industries NCR serves.

Last month, NCR reported that its fourth-quarter earnings results showed gains in digital banking and in registered users for those digital banking revenues. The company said that revenues in the fiscal quarter were up 3% to $2 billion. Its recurring revenue in 2021 was $4.1 billion out of $7.2 billion. Banking revenues were $1.1 billion million, up 40% from $795 million.

Read more: NCR Shows Digital Banking Revenues up 14% YoY as Firm Mulls Strategic Review

Digital banking revenues increased to $133 million, compared to $117 million in 2021, up 14%, and up 9% for the full year. Digital banking registered users surged to 25.3 million in the quarter, up from 24.3 million in last year’s fourth quarter.