DURBAN – Nedbank’s digital transformation, backed by its R2 billion investment in technology, has led to the bank becoming the first in Africa to launch an Application Programming Interface (API) platform which is aligned with Open Banking standards.
The Nedbank API_Marketplace is an easy-to-use, secure offering which allows approved technical partners to create innovative, disruptive solutions that put the client experience first. Using the Nedbank API_Marketplace, technical partners can leverage the bank’s data and financial capabilities and start integrating with Nedbank’s standard, secure and scalable APIs.
"The result [of the Nedbank API_Marketplace] is innovative and exciting products and services that deliver secure, enhanced client experiences in shorter time frames. It is a real-world example of our commitment to deliver innovative, market-leading client experiences," said Fred Swanepoel, Chief Information Officer, Nedbank.
With this latest offering, Nedbank is championing a fundamental shift in banking, placing clients’ data back in their hands and empowering them to decide who to share their data with. This also opens the door for third parties to partner with the bank to provide digital solutions that have never before been seen in the market.
Swanepoel said, “Our mandate is to give our technical partners the tools and security to digitally disrupt. Our technical partners include fintechs, cellular service providers and online retailers".
The Nedbank API_Marketplace puts client experience and value at the core of innovation and disruption. Nedbank is disrupting with a purpose: to ensure that its clients have the best banking experience in Africa.
This comes on the back of the Open Banking and PSD2 wave that is sweeping over the UK and Europe.
These regulations direct banks to relinquish their monopoly on client data and banking functionality to provide clients with more innovative banking and financial services options.
Although the South African banking landscape is currently not governed by these regulations, Nedbank is embracing the change, paving the way for creating a more client-centric and transparent approach to financial services.
In doing so, Nedbank is providing a host of APIs that adhere to a standard pattern to ensure that integration is seamless. It’s a bold step towards open innovation, as the bank encourages a vibrant ecosystem of technical partners that can harness its world-class, highly secure and scalable infrastructure.
"The Nedbank API_Marketplace is creating opportunities to disrupt the traditional approach to banking and financial services while laying the groundwork for a truly client-centric, market-orientated and innovation-driven future in the digital world," concluded Swanepoel.
BUSINESS REPORT ONLINE