Nedbank has launched the Nedbank API Marketplace to allow approved technical partners create innovative solutions for clients. The banks R2-billion investment in technology made them the first African bank to launch an API platform that aligns with Open Banking Standards. This means technical partners will be able to access the bank’s data and financial capabilities to integrate with the bank’s standard, secure and scalable APIs.
The platform gives room for third parties to partner with the bank to provide digital solutions not present in the market. It will allow clients choose what data they share and who they share such data with. The bank’s technical partners include fintech companies, cellular service providers and online retailers. The launch of the platform comes after the Open Banking and PSD2 wave that sweeping over the UK and Europe.
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PSD2 is the second Payment Services Directive, designed by the countries in the European Union. It could revolutionize the payments industry, affecting everything from the way we pay online, to the information we see when making payments 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.
Nedbank’s chief information officer, said “The result (of the Nedbank API Marketplace) is innovative and exciting products and services that deliver secure, enhanced client experiences in shorter time frames,” he said the platform is a real-world example of the bank’s commitment to deliver “innovative, market-leading client experiences.”
The bank said although the South African banking sector is yet to be governed by these regulations, Nedbank has chosen to embrace the change, “paving the way for creating a more client-centric and transparent approach to financial services”.
Nedbank will launch the platform in two upcoming events in Johannesburg on the 8th of April and in Cape Town 9th of April 2019. Interested? Click here
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