API3 partners with Open Banking Project to connect Open Banking APIs to blockchains

Tuesday 20 April 2021 11:57 CET | News

API3 has entered into a 10-year development partnership with Open Bank Project to connect over 400 banking and Open Banking APIs directly to blockchains via API3’s Airnode.

Through their development partnership, Open Bank Project and API3 will enable banks to send data directly to blockchain networks using API3’s Airnode first-party oracle. This provides third-party decentralised application developers with the opportunity to begin prototyping blockchain solutions powered by Open Banking data. Potential use cases for Open Banking data on blockchains include solutions like secure and decentralised databases for data verification between banks and authorised third parties, the bridging of Open Banking data to blockchain-native systems like DeFi and self-sovereign identities, data marketplaces, and data unions enabling banking customers to monetise their private financial data.

The Open Bank Project and API3 will co-host a series of tech sprints, where blockchain community, financial institutions, and government regulators are invited to participate, discuss, and explore what a new financial reality could look like at large. 

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Keywords: Open Banking, partnership, blockchain, API, data, financial institutions
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech

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