Today, Standard Chartered announced the launch of its new Open Banking Marketplace, a comprehensive platform that offers both current and potential clients a space to explore, select, and trial application programming interfaces (APIs) that align with their business needs within a sandbox setting.
This initiative aims to facilitate easier business-to-bank cooperation. Corporates interested in partnering with the Bank for digital transformation will find the discovery and implementation stages streamlined, allowing their developers to begin coding and integrating with the Bank’s open banking ecosystem for immediate simulation.
The future of banking sees Standard Chartered enhancing its open banking services through API sharing and utilisation. The Open Banking Marketplace, an evolution of the Bank’s 2019 aXess platform, targets the developer community to enhance these capabilities further, providing a superior user experience and promoting broader open banking adoption by simplifying access to necessary applications for corporates.
The platform provides access to an expanding collection of over 100 API products across various sectors such as cash, FX, trade, and securities. Additional features of the platform include:
- The ability to search for and tailor solutions specific to their industry across 33 global markets, including manufacturing, fintech, technology, e-commerce, and more;
- A project space for team collaboration and testing in an advanced simulator environment, enabling the writing and testing of production-ready code;
- Access to new developer guides, including documents on API technology and tutorials about the Bank’s security protocols and authentication methods.
The Open Banking Marketplace also showcases past client use cases and stories for each API product, providing insights into replicable solutions and concrete outcomes that demonstrate the value of Standard Chartered’s open banking solutions, beneficial for stakeholders beyond just developers.
“Open banking has been a transformative force over the last decade, with APIs playing an important role in enabling corporates to build future-proof propositions that meet the needs of the evolving digital economy. What is needed to further its adoption is a shift in focus towards a better user experience – one that is less technically focused and offers simple, plug-and-play solutions,” said Mark Willis, Standard Chartered’s Global Head of API & Open Banking Ecosystems, Digital Channels & Data Analytics.
“Accelerating on our commitment to drive innovation by partnering with developers, corporates and fintechs to embark on this transformation journey, we are excited to introduce our new and revamped Open Banking Marketplace that provides a comprehensive, user-friendly interface to help them make informed and timely decisions when assessing and implementing the use of APIs within their business environment. The initial feedback from our clients and partners have been extremely positive – through the various resources available on the platform, we hope that more of them can draw inspiration from the other organisations who have successfully tapped into our suite of API products to realise their business objectives.”
