CGI launches open finance scheme to help transition traditional banks to digital

Traditional banks are struggling, says CGI, because open banking, whether driven by competition or regulation, is breaking up the traditional banking value chain. By opening up the global banking industry and changing the dynamics of the banking market it has put the legacy banking companies at a disadvantage.

CGI Open Finance can integrate FinTech with traditional banks and their applications through an API and orchestration layer. It will also support a set of non-functional needs to operate a platform that supports collaboration with third-party providers.

CGI Open Finance offers APIs for PSD2, CMA, STET and Berlin Group transactions, building blocks for the management of partners, continuous integration, an automated build and API testing. Analytics, security, billing and monetisation options are also offered.

CGI Open Finance was modelled on a previous partnership with a multinational bank, which wanted to launch a new API-based version of itself, according to CGI representatives.