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TAB Bank chooses Mulesoft for Open Banking ecosystem

Monday 19 April 2021 08:37 CET | News

US-based Mulesoft has announced that TAB Bank is using MuleSoft to build its Open Banking strategy and grow an ecosystem of partners.

TAB Bank is a digital-only bank that specialises in serving small and medium enterprises (SMEs), which account for most businesses in the United States. TAB Bank’s online-only customer base depends on digital experiences that are easy-to-use and connected. With MuleSoft’s Anypoint PlatformTM, TAB Bank can meet customer expectations, now processing SME loans faster than before, as the press release says.

To deliver new digital services, TAB Bank is taking advantage of Open Banking by partnering with third-party fintechs and partners. TAB Bank can unlock access to core banking products with APIs built on MuleSoft that can then be reused for new solutions. This means partners can access key banking functionality such as new customer account creation, mandatory Know Your Customer (KYC) verification processes, and transaction processing to create new experiences.

With an Open Banking platform in place, TAB Bank can use the open APIs built on MuleSoft to make banking data available in real-time so that it can speed up services for its customers. TAB Bank can integrate critical customer, account, and transaction data from disparate systems and processes to its open finance solution, Plaid Exchange. Through this integration, TAB customers can link their account to Plaid-powered fintech applications.

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Keywords: partnership, digital banking, SME lending, Open Banking, Open Banking Ecosystem, API, KYC
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech