Wipro, a leading global information technology, consulting and business process Services Company, has launched its Open Banking API (Application Programming Interface) Platform. The Open API platform will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardization of APIs.
Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution. It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models. Open Banking has been gaining significant momentum across the globe, especially in the European banking industry - driven by changing regulatory mandates. Revised Directive on Payment Services (PSD2), is one such regulatory mandate that aims to standardize, integrate and improve payment efficiency in the European Union.
Wipro is engaged in providing information technology solutions. It offers solutions for systems integration, information systems outsourcing, package implementation, system integration, network integration, software solutions and information technology services, software application development and maintenance and research and development services to corporations globally.