Open Banking API Platform

The global economy embraces open banking through regulations or innovation schemes. The emerging ecosystem of the banking industry includes participants such as Fintech, regulators, standards agencies, and other financial institutions. Banks need to adopt institutional strategies and drive value from this change. iPath's Open Banking API platform provides a comprehensive set of products covering regulatory compliance, data standards, open ecosystems, governance, and collective innovation, providing a seamless transformation journey for banks and financial institutions.

Through the combination of services, platforms, and accelerators, and the Fintech ecosystem, we're enabling ready-to-use features throughout the value chain to help banks achieve faster compliance and create new revenue streams in the open banking ecosystem. This set of products focuses on internal modernization, partner collaboration, ecosystem monetization, and reduction of time to market without any added credit or operational risk.

iPath's Open Banking API solution enables account providers to comply with Open Banking and PSD2 standards through a powerful end-to-end API management platform.

How Does It Work?

Unlike screen scraping technology, which requires customers to enter their usernames and passwords for a third-party provider to pull their data, open banking works by API integrations, including data sharing with banks, credit unions, Fintech, and third-party providers (TPPs) through direct connections.

Such API connections include public partner APIs, which connect internal programs to external programs through open standards, documentation, and access. In addition, these APIs are sometimes free to access, but you may need to comply with the terms of use first.

In short, unlike third parties scraping data from various websites (whether licensed or not), Open Banking has standardized processes and enabled user tokens, so there is no need to share usernames and passwords.