HPS, a leading payment software company, has launched PowerCARD Connect-Open API, an open banking platform that enables FinTech firms to build innovative payments applications on banks and other large financial institutions’ existing payment systems.
PowerCARD Connect-Open API is designed to match FinTechs creating emerging payments solutions directly with providers, enabling end users to benefit from the latest technology in the payments industry, such as mobile and contactless payments, tokenisation and biometrics, thus delivering an enhanced digital-first and secure user experience for both consumers and merchants.
A pilot version of the platform was launched in September 2017, and is now live with ICPS already using the platform to develop a mobile banking app. The platform will support the development of two major API families: ‘Servicing’ and ‘Transacting’, meaning any payment system will be able to push payment authorizations and transactions through PowerCARD to be processed, or connected to, the PowerCARD Back Office, thus allowing new services to be provided to the end-user.
The platform was announced at the PowerCARD Users Meeting in April 2017, where the conclusion of the HPS Hackathon was also held, part of the HPS Open Innovation Program. The hackathon saw HPS’ clients, partners, employees and students working together using PowerCARD APIs, SDKs, and other tools, to create new digital payment services, and was the original testing ground for the PowerCARD Connect-Open API platform
Sebastien Slim, Head of Marketing and Innovation at HPS. “Against a backdrop of rapid change in the payments sector, FinTech firms need a platform to expand and banks need new technologies that enable them to future-proof payment services to deliver fast, convenient and secure digital solutions in an evolving landscape. To this end, we have created an ecosystem designed to foster effective collaboration with those at the cutting edge of the technology. HPS’ PowerCARD Connect-Open API platform is already facilitating this collaboration in Africa, Europe and beyond.”
Arnaud Bazerque Bacha, Senior Manager - Product & Innovation / Infrastructure & System at ICPS. “HPS’ PowerCARD API Platform has been critical in allowing us to accelerate innovation within our organisation, evolve our product offering and keep ahead of the mobile banking revolution within Africa. Recently, we have developed a mobile banking app using the PowerCARD APIs that allows our customers to make payments, check statements and balances anywhere in the world 24/7 at the touch of a button. APIs are clearly the future of financial innovation, and we look forward to using HPS’ APIs going forward to continue developing digital products and services for our customers in Africa and beyond.”