Mandates for banks to expose customer data allowed third party financial service providers to create unique products, services, and experiences for customers. Fintech disruptors have since been able to lure customers away from banks.
Banks are dependent on monolithic architectures and legacy systems for everyday business. However, they must rework their current technology stacks to become agile and stay relevant.
An ideal modernization solution will allow banks to reuse existing systems and technology and seamlessly integrate new components with the current core-banking system.
Fiorano provides pre-integrated technology infrastructure that allows rapid implementation of global Open Banking guidelines out-of-the-box. Our technology is designed to sit along-side traditional core-banking platforms, interfacing with both back-office and front-office functions and can be deployed both on-premises and in-the-cloud.
Turn the tables. Banks consume Open Banking data from other financial institutions, like a FinTech would. Businesses can use APIs to access third-party services and data, empowering themselves to develop new offerings in their bouquet of services.
As Open data sharing extends its footprint to other sectors, Open Banking changes to Open Economies, and offers joined-up propositions built on data-sharing across sectors. Examples include insurance, pensions, healthcare, and utilities.
In 2020, market capitalization of the top 4 payment companies overtook that of the big 6 banks on Wall Street. Banks can follow a platform- approach built around unbundling and re-assembling products and services through Open Platforms
These platform plays can take the shape of:
The Fiorano Open Banking Accelerator is built to meet multiple guidelines for Open Banking standards from the Open Banking Implementation Entity (OBIE, UK) and Berlin Group's NextGen PSD2 framework in addition to others.
Whether you represent a single bank / branch looking to implement one standard or are looking at ways to manage Open Banking centrally for multiple countries who need to support multiple guidelines, Fiorano has a solution.
Fiorano Open Banking technology is also available on the Microsoft Azure Marketplace.
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