Business models for compliance, data standards, ecosystem, and monetization
Global economies are embracing open banking, either through regulations or as innovation programs. The new ecosystem emerging in banking includes players such as fintech, regulators, standards bodies, and other financial institutions. It is imperative for banks to embrace organizational strategies and drive value from this change. Wipro’s Open Banking API platform brings a comprehensive set of offerings across regulatory compliance, data standards, governance, open ecosystems, and co-innovation to enable a seamless transformation journey for banks and financial institutions. Through a combination of services, platform & accelerators and the fintech ecosystem, we enable ready-to-use capabilities across the value chain to help banks comply faster and create new revenue streams within the open banking ecosystem. The set of offerings are focused on in-house modernization, partner collaboration and ecosystem monetization.
A multinational investment bank achieved compliance to UK’s Open Banking Standard, Germany’s Berlin Group Standard, and France’s STET to address the bank’s global operations. All three standards required the bank to comply within their stipulated PSD2 timelines.
The auto finance industry in North America has many touchpoints- dealers, refinancers, banks etc. The client wanted to provide a one-stop shop for customers, to simplify the user journey for their auto financing customers and prospects.