Standard Chartered launches open banking marketplace to accelerate API adoption

Digital Reinvention
25/04/2024 News

Standard Chartered has launched its new Open Banking Marketplace, offering a one-stop platform for both existing and prospective clients to explore, identify, and test application programming interfaces (APIs) that align with their business objectives.

The platform aims to streamline business-to-bank collaboration, reducing implementation time significantly. Developers can begin coding and integrating with the bank's open banking ecosystem almost immediately, thanks to access to a sandbox environment.

Building on its aXess platform launched in 2019, Standard Chartered's Open Banking Marketplace enhances user experience, accelerating open banking adoption by simplifying access to necessary applications for corporates.

Key features of the platform include access to over 100 ready-built API products covering various areas such as cash management, foreign exchange, trade finance, and securities. Users can browse and filter solutions tailored to specific industries across 33 global markets, create a project space for testing within an upgraded simulator environment, and access developer guides and tutorials on security protocols and authentication.

The platform also features past use cases and client stories specific to each API product, offering valuable insights into replicable solutions and tangible outcomes.

Mark Willis, Standard Chartered’s Global Head of API & Open Banking Ecosystems, emphasized the importance of user experience in driving the adoption of open banking. He stated, “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.”

Initial feedback from clients and partners regarding the Open Banking Marketplace has been extremely positive. Standard Chartered hopes that by providing comprehensive, user-friendly access to its suite of API products, more organizations can draw inspiration from successful implementations and realize their business objectives effectively.

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