Virtusa Corporation has collaborated with Banking Industry Architecture Network (BIAN) to develop an Application Programming Interface (API) Exchange for the open banking movement.
The BIAN API Exchange has been developed collaboratively by a group of firms, including Virtusa, BIAN member banks, and IT businesses. The exchange aims to be an open, flexible, and enterprise-grade computing platform set up on the Microsoft Azure cloud infrastructure.
The exchange currently features over 65 standardised API definitions that allow banks to reduce the complexity of building and delivering open banking capabilities.
It will do this by providing clear guidance on how to implement innovative and intuitive digital services across both-end and consumer-facing functions, according to Virtusa.
The exchange was built on Virtusa’s Open Innovation Platform, and features gamification to boost the right community behaviours.
The gamified environment is designed to promote healthy and measurable meritocracy to enhance collaboration and contribution amongst the BIAN community
Senthilkumar Ravindran, executive vice president and global head of Innovation Labs, Virtusa, said: “We are privileged to support BIAN’s Open Source ecosystem using our strong experience and expertise in building digital innovation platforms for banks and supporting Open Source products and communities in general.”
“We strongly believe that BIAN is moving in the right direction to introduce and apply their standards in the form of Open Source APIs and microservices. Not only will it help realise the benefits of standardisation, but it will also achieve rapid acceleration in integration, quality assurance, and partnerships within the banking industry.”
Hans Tesselaar, executive director at BIAN, commented: “BIAN and its members have been working for over a decade to build standardised banking frameworks that make it easier for banks to overcome the wide array of complexities that come with modernising services.”
“With the launch of the API Exchange, we are convinced that we make it easier than ever for banks to deliver innovative and high-quality services that meet customers’ increasing expectations. We are incredibly grateful to Virtusa for the critical role they have played in creating the API Exchange.”
Tesselaar added: “Without the input of member organisations such as them, our quest for driving the modernisation of the banking industry would be out of reach.”
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