Financial software provider will work with non-profit group to simplify the core banking architecture
Elly Yates-Roberts |
Financial software developer VeriPark has joined the Banking Industry Architecture Network (BIAN), a non-profit group looking to reduce integration costs for banks by implementing cross-industry standards.
VeriPark will work with BIAN to create a banking technology framework that standardises and simplifies core banking architecture.
In addition, VeriPark will also standardise its VeriChannel platform on BIAN’s Open Banking standards. The secure, unified platform allows organisations to manage customer journeys across multiple customer touchpoints, including web, mobile, kiosks and ATMs.
Omnichannel banking solution users will be able to use VeriPark’s standardised connectors to provide feature-free application programme interfaces (APIs) to third-party developers so they can build applications and services.
“The possibilities created by mixing up APIs, financial data and other technology are endless,” said Özkan Erener, CEO of VeriPark. “Open Banking could benefit consumers with new insights that help people and businesses manage their money, gain access to products they may not have had before, as well as new products that were not previously available. Services could be more personalised or tailored to the individual’s behaviours and lifestyle. By joining BIAN, we are building on our participation in the development of internationally standardised solutions. The banking industry architecture network will provide a BIAN-certified solution to communities through the adaptation of the VeriChannel omnichannel banking solution.”
VeriPark will join the multiple banks, solutions providers, consultancies and academics that are part of the BIAN network.
“VeriPark adds great value to our initiatives of integration and interoperability in the industry, sharing its in-depth knowledge,” said Hans Tesselaar, executive director of BIAN. “The problem at the moment is that everybody in the industry is defining its own set of APIs, thereby hindering connectivity, which sort of defeats the object of Payment Services Directive 2: openness and transparency with data.”
According to Tesselaar, only a limited set of participants in the financial services industry are aware of the value of a universally adoptable reference model. “Without such a model, it’s almost impossible for the industry to visualise the different information flows within all the banking capabilities within their model, let alone interpret how these are connected and which should be taken up for API enablement,” he added. “Therefore, the participation of well-established and innovative organisations like VeriPark is essential for the success of the BIAN initiatives.”