Banking

IBM Open Banking Platform launch: Key takeaways

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In today’s financial services industry, issues ranging from new regulations to unforeseen competitive pressures are placing ever-growing pressure on traditional banking institutions to move toward open banking models.

To address this need, IBM introduced the IBM Open Banking Platform.

The IBM Open Banking Platform is a software suite that helps accelerate a financial institution’s digital transformation through modular tools based on industry standards, is built on Kubernetes, and guided by Banking Industry Architecture Network (BIAN), Information FrameWork (IFW), and other open banking standards.

At Sibos in Sydney, Tom Eck, CTO of  IBM Industry Platforms, spoke about how IBM is delivering a powerful software suite to accelerate a bank’s digital transformation to quickly create modern apps while enabling low-risk innovation and open banking. I had the pleasure of sitting in on the session.

 

Here are some of my key takeaways from the IBM Open Banking Platform launch:

  • The banking industry is experiencing unprecedented disruption and platforms are becoming the basis of competition.
  • IBM just introduced an Open Banking Platform that accelerates a bank’s transformation to a market platform and goes the last mile to connect to a bank’s core systems.
  • IBM already completed a POC with a Top-5 bank providing UK merchants with a simplified PSD2 experience using the new IBM Open Banking Platform.
  • Why IBM for Open Banking? Unmatched expertise and experience, scalable hybrid cloud foundation, BIAN collaboration, robust FinTech ecosystem and more.

See more on this Twitter thread I created while at the event. Tip: When the tweet loads, click on Show thread.

 

 

See how the IBM Open Banking Platform can help build a bridge to new technology and accelerate a financial institution’s digital transformation.

 

For more information, see the IBM Open Banking website.

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