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Standard Chartered opens API marketplace

Standard Chartered opens API marketplace

Standard Chartered has opened an API marketplace for businesses to test potential applications in a sandbox environment.

With the objective of streamlining business-to-bank collaboration, corporates who are exploring a partnership with the bank can benefit from a shorter discovery and implementation process, by allowing their developers to start coding and plugging into the bank’s open banking ecosystem to simulate the experience.

Mark Willis, Standard Chartered’s global head of API & Open Banking Ecosystems, Digital Channels & Data Analytics, says: “Open banking has been a transformative force over the last decade, with APIs playing an important role in enabling corporates to build future-proof propositions that meet the needs of the evolving digital economy. What is needed to further its adoption is a shift in focus towards a better user experience - one that is less technically focused and offers simple, plug-and-play solutions.”

The Open Banking Marketplace builds on an earlier iteration of the bank’s aXess platform that was launched in 2019 - which was part of a broader initiative targeted at the developer community to boost its open banking capabilities.

The new platform makes it easier for corporates to tap into the applications required, openingg access to a growing suite of more than 100 ready-built API products from cash and FX to trade and securities across 33 markets globally.

The Marketplace also features past use cases and client stories specific to each API product, offering insights on replicable solutions and tangible outcomes.

Says Willis: “The initial feedback from our clients and partners have been extremely positive - through the various resources available on the platform, we hope that more of them can draw inspiration from the other organisations who have successfully tapped into our suite of API products to realise their business objectives.”

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