Hellenic switches on live API-based banking
Building on the release of six public Application Programming Interfaces (APIs) for developers to use last April, Hellenic Bank has taken a further step towards making Open Banking a real commercial opportunity. As of September 29, developers will be able to take their products live via the API Developers’ portal and promote them through a Marketplace (proprietary store) built into Hellenic Bank’s business web banking channel.
By 13 January 2018, Open Banking will deliver a new, secure option for customers to share the financial records held by their banks with others. This means that, with customers’ permission, third party developers can build new digital services that use this data to do other things – for example, to make payments without logging in to the bank.
Hellenic Bank’s new API development environment is an information-rich microsite that lets developers trial the new apps they build using realistic data supplied by Hellenic Bank. The platform includes extensive support and documentation, and provides an entry-point for Hellenic Bank’s approval to take new apps live.
Hellenic Bank’s Group Head of Digital Banking and Innovation, Natasha Kyprianides, suggests that the development will open huge opportunities for customers. “As a firm believer that the future of banking is ecosystem-based, Hellenic Bank is working towards utilising the launch of the live environment and integrated marketplace to deliver true lifestyle banking to customers.”
“The first use case will enable corporate customers to do their banking directly through their Enterprise Resource Planning (ERP) systems,” she explained. “Integration the most popular ERP solutions and investing in motivating these partners to integrate with their APIs.
The vision entails the provision of a Marketplace to business customers, allowing integration into the business web banking service and, importantly for ease of access, accessible via existing online banking credentials.
Customers will, then, be able to activate already-integrated apps and platforms of their choice with just a click.
These initial platforms will be the most popular ERP systems and will eliminate the need for the customer to directly engage with integrators.