Open Finance Compliance
& API creation
& API creation
What we do
Open Finance is a movement that encourages financial institutions to share with authorized third parties: - Open data: which doesn't contain confidential information, such as information on products and services offered by financial institutions to the general public.
- Personal data and financial information: related to the use of a product or service.
- Initiate financial services: such as payment initiation, account opening, loan disbursement, etc.
How it works
Common standard APIs make information available and give third parties the ability to initiate a service, making integration easy, helping to provide agility and scalability, and enabling third parties to generate hundreds of use cases for end users.API stands for Application Programming Interface. APIs connect and share data between financial institutions and third parties. In simple terms, the APIs establish how the different participants in the Open Finance system communicate.
Key elements
1. Embedded Finance
Enables products that each financial institution can offer through third parties, and can range from payments, credits, insurance and international payments. Embedded products are built on a solid foundation of APIs that make them easy to distribute. The potential of Embedded Finance is nearly limitless, and to make the most of the opportunity, you need to focus your strategy on the use cases that will benefit your customers the most.
2. Consent
Financial institutions must have a consent framework so that users can share their information and authorize financial services through third parties in a secure way, protecting their privacy. In addition, users can view, update and revoke consents at any time, either from the third party or from the financial institution.
3. Network effect
With the right incentives and technology enablers, Open Finance has the potential to create a virtuous cycle that results in a network effect to foster financial inclusion and accelerate innovation in the financial services industry. This network effect is possible if an entity manages to take advantage of both sides of the Open Finance opportunity, that is, supply, exposing data APIs, and demand, to consume data or services from other institutions.
Use cases
By gaining the agility to develop and launch products faster than ever before, institutions can quickly identify emerging trends and introduce cutting-edge solutions that meet changing customer demands.
Facilitiate the secure and efficient exchange of financial data between institutions and regulatory bodies. This improves the transparency of reporting processes and ensures constant compliance even with regulatory updates.
Monetize your API calls for data and payments where applicable.
Our solutions
Go fully into Open Finance with the most potent Hub in the market:
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Let’s talk to assess together the possibilities.
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