BANGALORE, INDIA: Wipro Limited announces the launch of its Open Banking API Platform to help financial institutions transform into digital platforms by securely exposing their data and products while providing innovative services to their customers. This is an initiative to meet the evolving banking regulations and to meet customers’ digital expectations. The platform facilitates greater financial transparency and helps financial institutions innovate and create new revenue models.

Open Banking API enables banks and financial institutions to create new forms of distribution channels and servicing capabilities and provide access to third-party application marketplaces. It accelerates banks to adopt API-enabled value ecosystem, simplifying FinTech services. The single unified platform enables financial institutions to create and manage API-enabled ecosystem in lesser time, increasing the scope of innovation.

The platform leverages IBM API Connect, which helps create, run, manage and secure APIs and micro

services, while enabling organizations to rapidly deploy and simplify the administration of APIs for both on-premise and cloud environments.

“With over 15,000 open APIs in existence already, an increasing number of organizations are realizing the true potential of an open API ecosystem. Open Banking is disrupting the banking industry with new business models and an open innovation culture. Our platform is well poised to enable banks embark on their Open Banking journey,” says Krishnakumar N Menon, Vice President, Service Transformation, Wipro Limited.