Oz challenger bank 86 400 signs on with Open Bank Project

Oz challenger bank 86 400 signs on with Open Bank Project

86 400, an Australian banking startup led by a host of industry heavyweights, has inked a deal with open source API specialists Open Bank Project.

The brainchild of the UK neobank veteran behind Atom, Anthony Thomson, former ANZ Japan CEO Robert Bell, and one-time Cuscal CIO Brian Parker, 86 400 is getting ready to challenge the dominance of the country's Big Four banks with the aid of a suite of proprietary app-based technology tools.

The banking startup, fully funded and backed by Australian payments processor Cuscal, has been operating in stealth mode over the past two years, building its technology suite while awaiting approval from the Australian Prudential Regulation Authority for a banking license.

It has now agreed to use Open Bank Project API definitions to standardise and harmonise its API design, enabling access to a global network of over 10,000 fintech developers.

Parker, who is 86 400 CIO, says: "Having a strong and lively fintech ecosystem is core to 86 400’s strategy. By leveraging Open Bank Project, we have a unique opportunity to strengthen this ecosystem and tap into a global reservoir of talent and innovative ideas that we can bring to the Australian market."

Meanwhile, Open Bank Project has also teamed up with Red Hat on a new API offering. Using Red Hat Fuse and Red Hat’s rule engines, the Open Bank Project can now connect and orchestrate disparate banking systems and deliver interoperability across various sources of bank data.

The firm says that the blend of open source technologies can simplify connectivity for banks while enabling end users to benefit from the use of engaging applications designed to improve customer experience both for consumers and corporate clients.

Simon Redfern, founder, Open Bank Project says: "We are delighted to work with Red Hat to help banks accelerate their Open Banking journey."

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