Open Banking & API Platform Transformation
Job Summary
Industry:
Banking
Service Provided:
Software Development
Service Type:
Modernization
Core Services:
Open Banking
Social share:
Project overview
A leading financial institution set out to modernize its digital banking ecosystem and establish a scalable open banking platform capable of supporting secure data sharing, third-party integrations, and embedded finance services. Existing legacy systems lacked standardized APIs, centralized consent management, and secure real-time access to banking data, limiting innovation and partnership opportunities.
We delivered a comprehensive Open Banking Platform that enabled secure API access to account data, transaction services, payment initiation, and consent-driven customer data sharing across fintechs, partner banks, and third-party providers.
Challenges
- Fragmented banking data across multiple legacy systems
- No centralized API gateway or partner integration framework
- Limited support for real-time account and transaction access
- Strict regulatory, privacy, and security requirements
- Lack of customer consent management capabilities
- No infrastructure for transaction initiation through third-party platforms
- Need to support embedded finance and future open finance initiatives
Solution
We designed and implemented a scalable open banking ecosystem built on secure, cloud-ready architecture and modern API standards.
Key deliverables included:
- Centralized Open Banking API Gateway
- Secure retail banking API suite for accounts, transactions, cards, and payments
- Consent Management Platform (CMP) with granular access control
- Integration with core banking, CRM, fraud, AML, and data systems
- Developer portal, API sandbox, and automated partner onboarding
- Microservices-based architecture for scalability and future expansion
The platform was designed to support real-time connectivity, strong authentication, regulatory compliance, and seamless collaboration with fintech partners and financial institutions.
Results
- Secure real-time access to banking data for third-party providers
- Faster partner onboarding and reduced integration timelines
- Improved customer transparency through consent-driven data sharing
- New revenue opportunities through embedded finance and cross-bank partnerships
- Enhanced security, compliance, and auditability
- Increased scalability for future digital banking and open finance initiatives
- Stronger market positioning as an innovation-driven digital bank
