Wipro introduces Open Banking platform for BFSI clients

Software major Wipro Ltd said that it has on Monday launched Open Banking API (application programming interface), platform for its clients in the banking and financial services vertical. API-enabled services are used by banks and financial institutions to simplify transactions for customers.

Such a platform will allow third-party developers to build applications to offer services of a financial institution.

Open Banking initiatives are becoming popular especially in the European banking industry largely driven by new regulations. Using a similar technology platform, the Reserve Bank of India introduced unified payment interface (UPI) to enable convenient payment solution for smartphone users in April this year.

The company said its Open Banking platform will help banks and financial institutions create new forms of distribution channels and servicing capabilities, in addition to providing access to third-party application marketplaces. This platform uses IBM API Connect.

A large number of banks and financial institutions are expected to adopt such initiatives to meet changing customer expectations with evolving technology and offer a better online banking experience.