Standard Chartered has launched an Open Banking Marketplace designed to enable businesses to discover and test application programming interfaces (APIs) in a sandbox environment.
In a statement, the bank said businesses will be able to benefit from a quicker implementation process, by allowing their developers to start coding and plugging into the Bank’s open banking ecosystem to simulate the experience almost immediately.
The latest move to streamline business-to-bank collaboration builds on earlier work by Standard Chartered to enhance its open banking capabilities via the sharing and use of APIs.
Previously, in 2019, it launched its aXess platform as part of a broader initiative targeted at the developer community. The basis of the platform is to improve the user experience and accelerate open banking adoption by making it easier for corporates to tap into the applications required.
Users of the new Open Banking Platform can access up to 100 ready-built API products from cash and FX to trade and securities as well a range of other features.
These include the ability to browse and filter solutions across global markets, including manufacturing, fintech, technology and e-commerce. Additionally, they can create a project space and conduct testing with their team in an upgraded simulator environment which allows them to write and test production-ready code.
Speaking on the advancement of open banking, Mark Willis, Standard Chartered’s Global Head of API & Open Banking Ecosystems, Digital Channels & Data Analytics, said: “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. What is needed to further its adoption is a shift in focus towards a better user experience – one that is less technically focused and offers simple, plug-and-play solutions.”
He added: “We are excited to introduce our new and revamped Open Banking Marketplace that provides a comprehensive, user-friendly interface to help them make informed and timely decisions when assessing and implementing the use of APIs within their business environment.”
