Leading International Bank

About Client:

One of leading international banks on its proactive approach to adapt the Open Banking to partner with InfrasoftTech. Bank aimed to make banking simpler and more seamless for customers through the use of Open API Banking. This was also an opportunity to accelerate the bank’s digital transformation journey and customer impact.

Client Challenges:

Non-standardized APIs

Duplicity in sharing information

Expensive maintenance of APIs

Average TAT is higher

Higher integration cost

The Solution

InfrasoftTech’ Open Banking API Framework has been built to help banks accelerate their digital transformation journey by securely abstracting and carefully sharing customer data for internal and external consumption. Such a framework offers:

Horizontal capabilities

Horizontal capabilities that focus on robust IT security measures and ensuring compliance. These include access and user authentication, exception handlers, elasticity services, and more

Standard query and transaction capabilities

Standard query and transaction capabilities these include customer account aggregation, fund transfer, digital payments, and so on

Ecosystem-centric niche capabilities

Ecosystem-centric niche capabilities that help open up new revenue streams for parent firms collaborating with niche service providers. These include anti-money laundering (AML), liquidity review, cross border transactions, among others.

Key Benefits

Faster integration with existing systems

Increased flexibility; easier to change as requirements change

Standards-based integrations

Scales from point-solutions to enterprise-wide deployment

Predefined ready-for-use API catalogue

Portal driven configuration instead of backend coding and configuration

Incremental patching with zero down-time

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