What is Open Banking?
UK Open Banking is a regulatory initiative in the United Kingdom that aims to promote competition and innovation in the banking sector by granting customers greater control over their financial data. It requires banks and other financial institutions to open up their customer data securely to authorized third-party providers (TPPs) through the use of standardized APIs (Application Programming Interfaces). This allows customers to securely share their financial information with authorized TPPs, who can then offer innovative financial products and services, such as account aggregation, payment initiation, and personalized financial management tools. UK Open Banking is regulated by the UK’s Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA).
What TECHIP can do?
To assist Account Providers and TPP in implementing open banking projects that are both standards-compliant and financially effective, TECHIP can provide an open banking platform and offers comprehensive technology and strategy consulting. TECHIP also grants your success through the technological and necessary know-how to produce the most of open banking technologies and true digital transformation.
TECHIP Open Banking Platform TECH_OB is built especially for United Kingdom Market and complies with UK Open Banking V3.1 standards, and keeps complying with new updates to provide most of it to our customers. TECHIP Open Banking Platform ensures:
- How the open banking platform interacts with the Payment Initiation Service Providers (PISP) flow of PSD2. This would be done by FinTECH solution.
- How open banking platform interacts in the Account Information Service Providers (AISP) flow of PSD2. This would be done by BankTECH solution.
Why TECHIP Open Banking Platform?
BEING With THE Suitable TOOLS
Built on a different market-leading API platform to facilitate effective internal and external collaboration and the creation of new business prospects. Enabling our customers to choose from different API Platforms (IBM, Redhat, OpenSource) that suites their environment.
API templates and security profiles that adhere to United Kingdom standards including the Competition and Markets Authority (CMA) standards, the UK’s Open Banking regulations updates, and aligned with the UK OBIE road map.
Activate core functionality immediately
Integrated consent management, consumer authentication, third-party onboarding and management, developer portals, API marketplaces, core banking system integration, and different integration capabilities with internal data analytics, fraud detection, risk analytics systems, and more.
Competitive pricing and different payment options don’t mean excluding key product features or performance.
Extensibility to improve your experience
Future-proof your customer offerings with microservices, containers, GraphQL APIs, and more!
All-in-One Platform for Your Success in Open Banking
Comprehensive technology and service solutions that help you achieve your business objectives through open banking-related digital maturity.
TECHIP team has been experienced in API management and Micro Services. In open banking, Each Bank or Fintech participant requires a framework that fosters innovation. Our focus is to provide this framework in a collaborative manner, ensuring a level playing field. We strongly believe that competition should be based on value proposition rather than the underlying infrastructure.
TECHIP can easily provide you with a complete open banking solution that boosts your business with the flexibility to choose one of the different platforms from our Enterprise Partners (IBM, Redhat). Get Quote