Traditionally financial institutions communicate messages between each other via the SWIFT network, a centralised financial messaging system. BankAPI is developed as an alternative to the current system. It is a decentralised peer-to-peer technology for financial institutions to exchange messages over the internet. Typical examples of message types include international payment instructions and bank account statements.
BankAPI has two layers of security, where the first is SSL (HTTPS), used already by all banks for online banking, and the second layer ensures authenticity and integrity using OpenPGP encryption and signing of exchanged messages.
Trustly is a Sweden-based Fintech company that develops online banking e-payments solutions on the internet and mobile devices. Trustly’s solutions attract global customers across both the ecommerce (C2B) and online marketplaces (P2P) segments. The company was founded in 2008 and currently processes about 7 million payments annually.
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