Standard Chartered has launched an Open Banking Application Programming Interface (API) Developer Portal with an initial focus on its transaction banking business.
will initially provide a repository of sandboxed transaction banking API services focussed on cash management and progressively rollout other API services for the bank’s other businesses.
Clients and partners will be able to use the developer toolkit to create value added applications by integrating their services with the bank, reducing integration costs and time while enabling collaboration with a wide spectrum of partners including corporates, fintechs and the wider developer community.
Gautam Jain, global head, Digitisation and Client Access, Transaction Banking, Standard Chartered, believes the bank is the first in the industry to launch API services for cash, trade and securities services.
"As the industry moves more towards open platforms, we believe that API banking will become essential in providing value to our clients and partners, while encouraging collaboration between financial institutions and developer communities," he says. "This has the potential to fundamentally change how we deliver the bank to our clients.”