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:
- Technology-to-Finance Connection. This means fully utilizing advanced technologies and research results of cloud computing, big data, artificial intelligence and blockchains to construct leading bottom-up architectural framework. By fully applying technology achievements to financial scenarios and taking their advantage, we aim to provide sufficient technical services and technical maintenance to consumers and providers.
- Scenario-to-Finance Connection. This means granting consumers access to all kinds of financial services from Yillion Bank and other financial institutions through API, H5 and SDK. These accesses will be integrated with various consumer scenarios such as consumer finance, automobile finance and supply chain finance.
- Produce/Service-to-Finance Connection. This means packaging financial capabilities in the form of services and products covering vertical sectors including credit service, financial management services, account services, payment services, risk control services and big data services. This will tremendously enrich choices for service consumers and service providers.
- Finance-to-Regulation Connection. Our Financial Connectors also provide connections to regulators such as Central Bank, Banking Regulatory Commission and Insurance Regulatory Commission. The business models and technology platforms are running to meet regulatory requirements and all services are fully compliant to laws and regulations. Our platform also has service and capability to report financial operations data to regulators.