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We are shifting the financial services from Open Banking API to Open Experience (OpenX)

What is Open Banking?

Open Banking has given an opportunity for third-party financial services providers to get the necessary banking data via APIs. The latter are created with full compliance to PSD2 and other relevant Open Banking regulations.

Open Banking became a way for banks, fintechs and other financial industry players to collaborate and collectively improve the user experience by offering new digital services.

What is OpenX?

SatchelPay’s OpenX creates an integrated marketplace, with specialised roles for each player that enables a seamless exchange of data and services, improves customer experience, and expedites product innovation.

OpenX is being driven by a change in focus from products to customer experience, as well as the growing importance of data and the related shift from prioritising ownership to enabling shared access, and a move away from buying or building to partnerships.

At the heart of this are APIs.

The Benefits of OpenX

By working together and taking advantage of APIs, banks, fintechs and other online service providers can leverage their complementary strengths to provide an easy-to-use, frictionless experience, with new digital services offered across a greater number of touchpoints.

From Product
to Experience

From Balance Sheet
to Assets in Data

From Ownership
to Shared Assets

From Building or Buying to Partnering

OpenX helps firms to:

Create new products
and services

Promote products
efficiently

Improve customer
experience

Improve
personalization

Expand distribution
channels

What OpenX APIs are used for:

  • Accounts

    You can access the user’s list of accounts, as well as related information such as balance etc.

  • Payments

    You can initiate transfers and view and confirm charges (as provided by PSD2).

  • Security

    You can upgrade the authentication process using the generic challenge/response mechanism for sensitive operations (e.g. to proceed with a transfer, the user must provide a mobile TAN).

  • Transactions

    You can view the transaction history and metadata of accounts.

  • Entitlements

    You can give account-holders an opportunity to permit fine-grained access to third-party users and applications. For instance, a business account can provide auditors with full read-only access, while coworkers may only see the account balance.

  • Onboarding and KYC

    You can access Know Your Customer (KYC) documents, media, and KYC status.

  • Gain full control over financial operations

    Open Banking gives you full control of your data, which simplifies money movement and management.

For developers

By taking advantage of our secure APIs, third party partners and developers can enhance service offerings, improve customer engagement and drive digital innovation across a greater number of touchpoints.