Wipro announces its Open Banking API

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Wipro ltd. one of leading information technology, consulting and business process services provider has announced launch of its Open Banking API (Application Programming Interface) Platform. This open API platform will facilitate banks and other financial institutions with open banking initiatives and also create new distribution channels and capabilities for services. Apart from all this, platform will also provide them with access to third party application marketplace overall making the transactions simpler for the customers.

This trend of open banking initiatives is being adopted widely in recent time due to new regulation especially in European areas. In April this year the Reserve Bank of India had introduced a unified payment interface in order to build a convenient payment solution for smartphone users.

As per Krishnakumar N Menon, Vice President – Service Transformation, Wipro Limited about 15,000 open APIs currently exist with increasing realization of potential of open API ecosystem.

Leveraging this trend Wipro expects that banks and other financial institutions in large number will be adopting open banking initiatives meeting the needs of today’s digitally active customer and providing better online banking experience.

Wipro’s Open Banking API will be utilizing/leveraging IBM API connect. This API connect offers capabilities to run, manage and even secure APIs and micro services. This will support the organizations to easily deploy and simplify the administration of the APIs.

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Madhurima Goyal, From ITvoir News Desk

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