Our client is one of the largest multinational retail and commercial banks with over 102 million customers and over 14,000 branches.
With Open Banking, the bank wanted to enhance customer experiences by enabling them to access and share their financial information securely with authorized service providers, such as fintech companies, while maintaining control and consent over their data.
Coforge is working with the bank’s Business As Service team (BAS) in developing, testing and maintaining Open Banking API in the areas of Account Information Services & Payment Initiation Services, supporting the bank’s domestic and international payments services through channels.
We Implemented key projects like Two-factor authentication as mandated by PSD2, Quick Balance feature that lets customers view account balance on mobile home screen without logging on to Mobile Banking and Open Banking implementation.
The Coforge team helped the client deliver all the open Banking AIS & PIS APIs. We also integrated APIs with bank’s mobile banking App.
The program resulted in the following benefits:
Cost Reduction: Reduced API development cost by reusing Open Banking API(s) for internal consumption.
Compliance: Helped the bank in delivering all standard Open Banking APIs as mandated by authorities.
Open Banking new feature support: Helped the bank in delivering new Open Banking API i.e., variable reoccurring payment API.