Open Banking API
Open Banking API enables financial institutions to be able to open traditional core banking system. Through API (Application Programming Interface), banks can share data, algorithms, transactions, workflow as well as other business functions with the business ecosystem and provide services for customers, employees, third-party developers, fintech firms, suppliers and other stakeholders in the ecosystem. This will enable banks to create new value and construct new core capabilities.
Open Banking API means the close-ended businesses of banks will evolve into scenario-based services. Users can enjoy banking services in various use scenarios in daily life.
Yillion Bank has taken an initial step to construct real cases of open banking by establishing an open platform where consumer credit products and intelligent deposit products could be sold online. This enables the internet platform and peer institutions to be connected together and thus be able to serve users in a more effective and efficient way.
The system solution as below:
Financial Connectors connect consumers and service providers and ultimately enable connections and integrations in four dimensions including: