Pelican, a global provider of AI-powered payments and financial crime compliance solutions for banks and corporates, today announced the further extension of its API Interoperability solution, with expanded support for the six popular Open Banking API standards, now including the UK’s OBWG, France's STET and the Berlin Group, together with the Czech ČSOB, and the Polish and Slovakian APIs.
The Pelican API Interoperability solution enables Third-Party Providers (TPPs) to access PSD2 Payment Initiation and Account Information services, and to seamlessly connect to financial institutions implementing any of the popular Open Banking APIs, regardless of whether they are native TPPs, or banks wishing to operate as TPPs in an Open Banking environment.
In comparison with other more limited API ‘aggregation’ hub approaches that restrict financial institutions to using a single, and often proprietary API, the Pelican API Interoperability solution is unique in enabling organisations to adopt any of the popular PSD2-compliant APIs and to connect to all European banks, regardless of the different popular API standards the banks may be using. Pelican provides seamless and risk-free interoperability between all accepted formats, acting as a conversion ‘switch’ that harmonises the differences between various APIs.
Pelican’s interoperability capabilities are also attractive to banks wishing to internally standardise on one single API, but with a need to offer multiple API standards to reach a wider pan-European marketplace, or for banks that have already published a specific API and wish to support various other API standards across different business lines or in different jurisdictions.
Parth Desai, founder and CEO of Pelican, commented, “With the expansion of our API interoperability support, Pelican will enable banks and TPPs to seamlessly reach 500 million potential customers across Europe through any of the popular PSD2-compliant APIs. The Pelican API Interoperability solution is part of the comprehensive Pelican Open Banking Hub that delivers a true pan-European service, removing all the technical complexity of achieving multiple API support and connectivity to customers’ accounts. This allows TPPs and banks to focus on delivering their core proposition to customers, while Pelican takes the pain out of connecting to multiple API standards.”