Open Banking APIs Land in Sri Lanka

One of Sri Lanka's largest banks, Nations Trust Bank, recently announced its Open API Banking Platform. The API is compliant with Europe's PSD2, and the company hopes that it will facilitate more open mindedness and collaboration in Sri Lanka's banking industry. The company finds that a "fortress" minded approach to banking in the past has hampered Fintech innovation in the country.

"The future of banking will be one of safe public spaces, openness and inclusivity," Nations Trust Bank CEO/Director, Renuka Fernando, commented in a press release. "This is why we have taken the initiative to launch Nations Open API Banking, creating a Framework for collaborative innovation and progress like never seen before."

The bank is happy to report that one of the largest retailers in Sri Lanka, Keells Super, has already begun integrating its Super Outlets systems with the Open API. Nations Trust Bank hopes that landing such an influential customer on the island will help shine a positive light on open banking in Sri Lanka and help attract curious developers.

The bank offers all core banking services through the API Platform. Services include payments, credit flow management, fund transfers, ERP automations, cash flow management, and white labeled banking services. The bank has published a three step plan to get started:

  1. Sign up and Build: sign up for a developer account and gain access to full-featured Library of tools and Sample Code
  2. Experiment: play with the code in a Sandbox environment and then validate
  3. Launch: integrate the API into live environments and then expand, automate and innovate.

The API is open to the public. Those interested, can sign up for a free developer account. Once signed up, you gain full access to the APIs, SDKs, and Documentation.

Be sure to read the next Banking article: Revolut Launches Open Banking API