Singapore's OCBC continued growing its banking API portfolio with the the GIRO API and sandbox versions for four transactional APIs (Account Balance, Account Transaction, Merchant Card Payments, and Pay Anyone). The bank has partnered with the Singapore government for its first implementation.
BBVA launched a Banking as a Service platform in Europe before regulations all but compelled such platforms. It is ahead of the curve in the US as well. The company has moved the BBVA Open Platform out of beta, and ready for production environments for uses in the US. The platform is API-based.
Open banking uses APIs to make services like algorithms, data, identity, processes and other business functionality available to ecosystems of customers, employees, third-party developers, fintechs, vendors and other partners. This article offers four reasons open banking will go mainstream in 2016.