The Open Bank Project, a provider of open source API solutions for banks, has joined forces with enterprise software firm Red Hat to help banks embrace open banking.
Image: Open Bank and Red Hat have collaborated to provide next generation open banking solutions. Photo: courtesy of Loveluck / FreeDigitalPhotos.net.
Open Banking, as the provision of open APIs by banks is now known, leverages an ecosystem of third-party apps and services to enhance and enrich the customer experience and can help satisfy regulation such as the revised EU Payments Service Directive (PSD2).
The Open Bank Project, led by Berlin-based software company TESOBE, is designed to address these issues.
Offering institutions a rapid route to market by providing a broad catalogue of pre-packaged APIs and an open API middleware stack designed for banks, TESOBE also provides access to a global community of FinTech developers working with banks to enhance each bank’s service offerings.
Using Red Hat Fuse and Red Hat’s rule engines, the Open Bank Project can connect and orchestrate disparate banking systems and deliver interoperability across various sources of bank data. The blend of open source technologies can simplify connectivity for banks while enabling end users to benefit from the use of engaging applications designed to improve customer experience both for consumers and corporate clients.
TESOBE CEO and Open Bank Project founder Simon Redfern said: “We are delighted to work with Red Hat to help banks accelerate their Open Banking journey. Red Hat and TESOBE share a strong commitment to open source and I’m excited to see these technologies working together. The collaboration we have today can offer a valuable opportunity for banks to help reap the benefits of Open Banking.”
Red hat global director, financial services Rich Feldmann said: “As open source continues to be a part of the financial services and banking industry, it is important to have standards and projects in place to help enable it to be used properly and remain compliant. This is why we are happy to collaborate with TESOBE’s Open Bank Project to help provide technology tools and guidance to enable success in open source banking.”
Source: Company Press Release