Kuveyt Türk API Market Qorus-Infosys Finacle Banking Innovation Awards 2024

The fact that new generation banking concepts (Open Banking, Service Model Banking, Platform Banking, Embedded Finance, etc.) are on the agenda in the world and in Turkey has paved the way for banks to make their API Portals innovative and competitive. As Kuveyt Türk, we realized this situation, created our new generation banking strategy and developed the API Portal called Kuveyt Türk API Market.

As Kuveyt Türk, we wanted to launch a product that would make a splash in the global banking industry. We examined the API Portals of 80 prominent banks in the world. We have completed the analysis of the product suitable for both Turkey and the world by capturing the prominent features of all of them and the pain points in the software developer experience. Our goal is to establish a team that works diligently for this product. With this team, the product will be able to constantly comply with regulations in a sustainable manner, use developing technologies and keep the changing software developer experience at a high level. Kuveyt Türk API Market was the common denominator in complying with both global and regional regulations, taking security measures, improving the software developer experience and building innovative business models.

We developed an API Portal with our own resources in approximately 8 months. 6 business units and 12 software developers worked on this issue and continue to develop the product and increase its use with new collaborations. Within 10 months after launching the product, a total of 40 new collaborations were made with Kuveyt Türk API Market, 20 of which were with financial technology companies. Kuveyt Türk API Market continues to be actively used with 4 main products and a total of 360 APIs.

Our first product is account management. The companies we cooperate with can manage their Kuveyt Türk accounts through their own applications. We have produced an end-to-end and secure solution especially for ERP companies. By offering this API product to KFH bank, we became the first Turkish bank to offer API usage abroad. Our second product is treasure. We work with financial technology companies on foreign exchange and precious metals. It has become a new alternative distribution channel for our bank regarding treasury. Our third product is Financings. We integrated with Turkey's 5 largest e-commerce sites simultaneously. We increased the user experience in terms of embedded finance by providing platform users with financing for their products in the basket. The last core product of Kuveyt Türk API Market is regulatory. Working together with the Central Bank of the Republic of Turkey, we achieved a safe, fast and smooth experience in Open Banking.

After launching our product, we quickly applied for awards and made comparisons with the products we competed with. Innopay chose Kuveyt Türk API Market as one of the best products in the global industry and included it in their report. At the same time, we received the country's best open banking APIs award from KPMG in Turkey.