SBI will now recommend using the OpenLegacy API platform that enables regional banks to undergo digital transformation
SBI Holdings invests $20m in OpenLegacy. (Credit: Pixabay/Pexels)
Japanese financial service group SBI Holdings has made a $20m investment in Openlegacy Technologies, an American software firm that supports API integration of core banking platforms.
SBI will now recommend using the OpenLegacy API platform that enables regional banks to undergo digital transformation.
The important features of OpenLegacy include automatically generating the APIs, ability to avoid difficult middleware and connect directly to the core banking system, deployment for core systems.
OpenLegacy helps in the creation of microservices-based APIs for firms, allowing them to extend their core platform to the web, mobile, and cloud.
The company is said to facilitate the creation of APIs without the expenses, time, resources and risk that is associated with the process.
In a statement, SBI stated: “Using this platform, financial institutions can easily achieve API integration with the smartphone money transfer app “Money Tap,” supplied by Money Tap Co., Ltd., a provider of next-generation financial infrastructure.”
The investment is in line with SBI Holdings’ strategy to assist regional revitalisation
The investment is aligned with the firm’s strategy to support regional revitalisation. The clients of OpenLegacy include Citi, Liberty Mutual, FIS, and BNP Paribas Cardif.
SBI added: “After years of actively investing in venture companies in fintech and other growth fields, such as the IT, mobile and bio-life science sectors, the SBI Group is now equipped with a wealth of experience from investing in those companies and supporting their development.
“We will continue to actively develop next-generation industries and enhance the enterprise value of the venture companies in which we invest.”
Last December, China-based fintech company OneConnect, a subsidiary of insurance group Ping An Insurance and SBI Holdings had announced the launch of a joint venture in Japan.
The joint venture named SBI OneConnect Japan will provide regional banks in the country with OneConnect’s cloud-based and artificial intelligence-driven services to help them attain digital transformation. It was incorporated in Japan in March 2019.