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How to Integrate Open-Banking API in Your Business Process?

Modern realities catalyze the development of the banking industry in handling information. Experts in financial technology are steadily glorifying that only the Open-Banking API is the future of process automation and maintaining customer engagement. Based on this, the product gets an extensive database that will reduce launch time, simplify the future expansion process and increase competition through more excellent coverage.

For you today, all the benefits that financial platforms and mobile banking apps can get for them. Invatechs has many cases related to integrating Open Banking API in developed products. They have maximized their potential and efficiency in processing customer data and personalized services.

Whether your business needs Open-Banking API or not, please find out more in our article.

What Is Open-Banking?

This technology allows banks (i.e. providers) to share data with businesses. You can find an example, and this technology has long been implemented in lending organizations. Wherever you go, companies will already have all the information about your requests and the repaid loans that you have already taken. Thus, the application or service connected to the Open-Banking API will have a whole database of information about potential customers, leading to a better quality of service.



Why is Open-Banking essential and its trends?

Although now Open-Banking is used more as a tool to grow financial companies in the regions, things may change in the future. When banks will provide their APIs in the international arena, from which we can conclude that the more coverage there is, the more profitable for business. Moreover, launching a new product and having access to one or more bank APIs will radically reduce the cost and time of onboarding your new customers. Most of the information will already be circulating in your service based on the data you get. This will allow your business to provide services efficiently and expand in your area.

Our custom banking solutions

We leverage our 10+ years of experience in implementing financial technology and creating feature-rich products for various business sectors. Our solutions meet all the fast-growing market trends, and we are always ready for effective and long-term cooperation with our clients. Here is the list of services we offer:

  • Digital Lending platform Invatechs creates fully automated platforms or mobile applications for lending with an intuitive interface and useful tools for your employees. With such a platform, you can improve the efficiency of your company. This platform can free your employees from routine tasks, as the automated platform will be able to process lending requests based on the customer database in the Open-Banking API.

  • Wealth-management platform Managing wealth is excellent when combined with the Open-Banking API. Invatechs creates high-tech applications that allow you to store, invest and invest funds in a secure way. With Open-Banking, transfer transactions will be as efficient as possible due to quick access to gateways and reduced fees. Moreover, customers can connect multiple bank accounts simultaneously, increasing onboarding due to an extensive database.

  • Open-Banking API Integration with CRM and Websites Does your business need a streamlined bank customer database in one convenient spot? Invatechs creates user-friendly CRM systems with Open-Banking API integration, where you have an easily customizable application with filters. You can easily track complete customer statistics, including documents, transactions, contact information, and other important information. With such a CRM application, your company will be able to service customers most efficiently based on preliminary and accurate research.

  • Payments Automation Integrating Open-Banking APIs into payment services can ensure maximum efficiency and transparency of payments. Companies can use individual transactions and bidirectional processing, making it possible to pay many invoices simultaneously. Invatechs has experience in creating these payment gateways with integrated Open-Banking APIs. You can read our case studies, where we have uncovered the full potential of this technology.

How to integrate Open-Banking API into your business?

If you don't have experts in your company who can integrate the API into your product, Invatechs can help you with this challenge. We'll use an example to show you the full cycle of integrating an Open-Banking API into a platform or application. We have experience in building custom Open-Banking APIs for banks, but we will cover the classic integration scenario:



Project analysis In the first phase, Invatechs specialists gather all the information about the project and the key customer requirements. After that, the development team discusses the implementation plan and creates a roadmap. After all the manipulation, we provide the information to the customer. We sign an agreement and begin the development phase when all parties reach a consensus.

Development Our engineers start writing the complex code for creating a secure database for processing and redirecting the client's information, which is provided by the open bank API.

Integration For further manipulation, a seamless integration into the service is done. Our specialists will integrate all interconnected tools and libraries for the smooth functioning of Open-Banking API.

Testing After successful integration, the Invatechs QA department perfects how the service works and interacts with the Open-Banking API. After that, if bugs are found, our development department will fix them as soon as possible.

Release After all that work, we start all processes to run the Open-Banking API on your service so your company can use the integrated database in real-time.

Product support After that, depending on the contract with our client, we can continue to support the product and implement other APIs from other banks, so your service can expand and bring profit.

There are no arbitrary terms of implementation, and everything depends on the size of your service and the number of Open-Banking APIs you want to integrate. After successful integration, your company will have access to detailed information about customers, which will help to conduct research and develop strategies for customer retention.

Are Open-Banking APIs safe to use?

All Open-Banking APIs provided are fully secure, with all data protection standards and regulations fully considered during development. All operations are seamless, and all key information is displayed only on the client side. Therefore, the interaction of banks through APIs opens up great opportunities in data processing while not losing data security.

Open APIs allow access to customer data without direct interaction with the bank. On this basis, it solves the key problem of transferring user credentials from external providers while the customers themselves consent to this. However, the entire process is also entirely under the control of regulators.

Why choose Invatechs as a development company?

Our company has been developing financial technologies for 10+ years. We provide our clients with all our experience and enthusiasm to create unique business development and optimization applications. Our employees are constantly developing and mastering new technologies and patterns to create high-performance banking software.

We help large enterprises and medium and small businesses. Invatechs can relieve your team of routine tasks, so you can redeploy your resources to focus on the more important goals of your company. We work to all standards that imply complete confidentiality of your product data.

Conclusion

In 2023, we can note that those companies implementing Open-Banking APIs in their products are noticeably keeping the bar high in today's digital services market. Banks that want to expand their influence in the local and online space in meeting customer needs do so with API technology.

At the moment, it's still a great privilege for mid-sized companies to have multiple Open-Banking APIs connected to their services simultaneously. Because it's very expensive to maintain and develop custom software for this area, Invatechs can thoroughly evaluate your goals and provide the most favorable conditions for the full cycle of API in your business.

FAQ

Why are Open-Banking APIs important?

This technology opens new horizons for the financial sector. Robust Open-Banking APIs can be integrated into various mobile applications and platforms to make services work efficiently. Since banks provide the data, it's possible to create trending models for managing the business in the financial niche.

 

What is the main purpose of Open-Banking APIs?

The main purpose is to develop financial technologies and optimize many processes influencing customer service quality. Using Open-Banking APIs, it is possible to track customers' behavior through their transaction history and create personalized offers to stimulate engagement.

 

How can I integrate that API into my business?

If your company does not have the people available to set up the integration and choose the right API for you, we at Invatechs can help. Our experts will be able to answer all of your questions and select a team of professionals who can make seamless integrations.

 

What are the benefits of Open-Banking APIs?

For the financial sector, it's a klondike of opportunity to build and explore different business models because API partners can not compete but cooperate and have a shared database of customer transactions connected to the system.


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