IBM unveils Open Banking platform

Tuesday 23 October 2018 07:47 CET | News

IBM has unveiled its Open Banking Platform, a software suite designed to enable the creation of apps, low-risk innovation and regulatory compliance.

The platform includes modular tools based on industry standards including the Banking Industry Architecture Network (BIAN), Information Framework (IFW), and other open banking guidelines. Built on Kubernetes and optimised for IBM Cloud Private, it’s powered by IBM API Connect and Watson technologies.

Bridging the gap between core systems and the cloud, the IBM Open Banking platform acts as a micro services layer on top of the existing environment to enable plug-and-play integration. By exposing banking microservices as APIs in the cloud, banks can enable new channels, nurture fintech collaborations, and unlock additional revenue streams.

IBM Open Banking platform allows banks to participate fully in the API economy. Specifically, they can choose from a wide and growing range of APIs to add functionalities such as financial risk assessment, payments, artificial intelligence (AI) and blockchain to their apps.

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Keywords: IBM, Open Banking, platform, regulatory compliance, banks, payments , artificial intelligence, blockchain, cloud, core banking, digital, innovation, APIs
Countries: World