NTB launch Open API Banking
Apr 25, 2018 (LBO) - Sri Lanka's Nations Trust Bank has launched a API Banking Platform enabling clients to integrate the bank’s services directly into their own systems and workflows.
An API or Application Programming Interface is simply a set of clearly defined rules of communication that allow client’s systems to efficiently communicate with the Bank’s systems securely.
“The future of banking will be one of the safest public spaces, openness and inclusivity," Renuka Fernando, director/chief executive, Nations Trust Bank said.
"This is why we have taken the initiative to launch Nations Open API Banking, creating a framework for collaborative innovation and progress like never seen before."
Open API Banking can be used by startups, large corporations, SME’s, independent app developers and even tech savvy individuals in their own businesses, day to day lives or when providing 3rd party solutions.
Typical use case scenarios include ERP Automation, cash flow management, online purchases, fund transfers, payments, and white label services.
“It’s time that banks let go of their ‘fortress’ mentality," ThilakPiyadigama, COO, Nations Trust Bank said.
"It’s time to open up and collaborate. Open API Banking allows for this kind of openness under very specific rules to ensure ease of access as well as information security."
John Keells Holdings PLC has already adopted some the Open Banking APIs and have begun integrating their systems with ours at Keells Super Outlets.
“We are very excited about Nations Open API Banking. Currently, we have used the FriMi API bundle available through Nations Open API Banking to directly integrate FriMi payments with our POS terminals at Keells supermarkets island-wide," Charitha Subasinghe, sector head, Retail Sector, John Keells said.
"This allows FriMi customers to pay for goods and services directly at our POS terminals with ease, using the FriMi App. If the customer's FriMi mobile number and Nexus mobile number are the same, it's very convenient to pay and collect points at the same time."