In May 2018, the Australian government instructed the country’s major banks to begin a phased implementation of open banking, beginning with making credit and debit card, deposit and transaction account data available from July 2019. The legislation, expected to be passed in early 2019, will drive the adoption of open banking through application programming interfaces (APIs) across the financial services industry.
But there is so much more to open banking than just a set of APIs, says Nigel Dobson, banking services business domain lead at ANZ. He believes that it will herald the next stage of banking’s evolution. “We are excited because open banking dovetails with our vision that a digital bank of the future is an open bank,” he says.
Vipera Plc (LON:VIP) a cutting edge Mobile Financial Services and Digital Customer Engagement Solutions provider, serves financial institutions and retailers worldwide with differentiated mobile banking, card management and customer engagement capabilities based around its proprietary bank grade multi-purpose platform, Motif. Additionally, it provides consultancy and other services to banks and financial institutions.