Open Banking Solution Makes the World Go Round. Open banking is an integral part of the newly developing world of open finance. Find out how Unacores can help your FinTech app benefit from banking data integrations.
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Great API requires thoughtful strategy, creative design, and cutting-edge engineering. We provide all three—and more. Learn about our Open Banking Solution services below.
Open banking is a financial concepts and practice that involves the sharing of customer financial data and service to different financial institution and third parties through systematic application programming interfaces (APIs). It is a framework that promotes greater transparency, competition and innovation in the financial service industry. The primary goal of open banking is to create a more open and competitive financial ecosystem, providing customers with greater control over their financial data and enabling innovative financial products and services.
Open banking solutions bound a range of technologies which enables the secure sharing of financial data between banks and third-party providers and consumer.
Implementing open banking requires a coordinated effort across various functional areas, including technology, operations, risk management, and customer experience.
Develop a secure, standardized APIs to promote flawless data exchange between system and stake holders. Collaborate with technology partners and developers to design and implement APIs that meet industry standards and regulatory guidelines.
An open banking platform serves as a central hub for facilitating data exchange, collaboration, and innovation within the financial ecosystem. Some key features are.
Banks need to define use cases based on their business opportunity e.g. payments, remittances, account opening, etc.
Use cases will need to be mapped to respective partners in today’s context
Business and pricing models will be defined to monetize underlying assets exposed by APIs
Selection of technical platforms, tools, and infrastructure selection is the key step for a successful technology backbone.
End-to-end management of the development lifecycle is needed to create new Banking APIs.
Subsequently, the launch of APIs and version management is critical to the success of the program.