Open Banking by FinConecta redefines collaboration with third-party providers (TPPs) through secure, standardized APIs, enabling seamless data sharing and innovative services. By streamlining integration with FinTech solutions, it drives API monetization, unlocks new revenue streams, and fosters open innovation beyond regulatory frameworks.
Open Banking
Features
- Standardized API integration for frameworks like EU PSD2 and US FDX
- Sandbox for secure and compliant testing
- Access to Accounts (XS2A) interface for payments and account data
- Strong Customer Authentication (SCA) for secure user access
- Real-time metrics to monitor API performance and usage
- API exposure via a branded Developer Portal (optional)
Benefits
Create new revenue streams, easy-to-use and flexible way to monetize APIs
Integrate banking into client’s lifestyle, and expand customer reach
Build a proprietary ecosystem of financial and non-financial players
Position the institution as a leader in technology and continuous innovation
What does this use case enable
a company to achieve?
The transition to open banking can be complex, requiring significant resources from financial institutions. Integrating open APIs with legacy systems introduces technical challenges, while ensuring data security, managing third-party providers (TPPs), and complying with frameworks like EU PSD2 and US FDX further complicate the process.
FinConecta’s Open Banking Platform simplifies this journey with pre-developed, standardized APIs that integrate seamlessly with existing systems, minimizing infrastructure changes. By offering tools to effectively monetize APIs, the platform enables financial institutions to unlock new revenue streams while maintaining trust and ensuring compliance.
