Wipro, business process services provider, has launched its Open Banking API. Through the API, banks and financial institutions gain access to new services and distribution channels, as well as access to third party applications and marketplaces. Further, the API better enables users to comply with new regulatory schemes.
"With over 15,000 open APIs in existence already, an increasing number of organizations are realizing the true potential of an open API ecosystem," Wipro Vice President of Service Transformation, Krishnakumar Menon, commented in a press release. "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."
Open Banking is a concept that is growing in popularity around the world for a number of reasons. Banks have started driving the theme forward as it allows developers to build applications and services directly around a specific financial institution. Additionally, a number of regulatory bodies have pushed standards forward (e.g. the EU's Revised Directive on Payment Services) to promote transparency, security, and efficiency. Wipro has developed the API platform to help enable financial institutions take advantage of this shift in the market.
Wipro's new API platform utilizes IBM's API Connect. The IBM platform allows Wipro to create, run, and manage secure APIs and micro services. In turn, Wipro users can deploy APIs in both on-prem and cloud enviroments. Further the Open Banking API aims to ease API administration and supports the development of an API-enabled ecosystem that allows for branchless banking that takes place 100% online.
With the launch of its new API, Wipro believes it is adjusting the market demands. Banking customers have demanded better accessibility to banking products and services. Further, the APIs available through the banking partner community is growing at a rapid speed. Accordingly, Wipro has created a platform that can accommodate integration with all players in the financial space. Visit the Wipro newsroom to learn more.