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
Transforming
the future of money
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. APIs are at the heart of OpenX and the key in the growth of a range of new, innovative digital ecosystems.
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.
