OpenAPI: Shaping future financial services and “modern” factors that help InfoAPI cooperate successfully with leading businesses in Vietnam

OpenAPI technology trends in the banking sector

In the context of digital transformation taking place globally, especially in the banking sector, a “new playground” has been created for Fintech/Bigtech businesses. The emergence of industrial models, services, and products New digital technology alongside with traditional products/services has quickly changed customer behavior. In particular, it can be said that Covid-19 is a catalyst to help digitally transform the banking industry faster and stronger, positive users behavior such as “cashless payment”, etc., continue to maintain and promote banking digital transformation more and more thoroughly

In the past, business organizations, especially in the financial sector such as banks, often tended not to share data for the reason of protecting safety and confidentiality of customer information and ensuring the system was not attacked by hackers. However, the birth of financial technology (fintech) companies with OpenAPI/Open banking services in recent years has opened a new door, changing the “closed” stereotype of financial institutions

In Asia, by the end of 2020, there were 77 open banking platforms, nearly 1,500 related products and services with an average annual growth rate of 228%. Open banking services have developed very strongly in Korea, Hong Kong, Singapore, Japan, etc.

In Vietnam, after the State Bank of Vietnam showed interest and support for OpenAPI development in the banking industry by coordinating with the Asian Development Bank (ADB) to organize the seminar “Application of OpenAPI in the banking industry-Current status and recommendations” in Hanoi on March 29th, 2021, the OpenAPI wave in banks becomes even more exciting. In addition, policies and legal regulations for services in the banking industry are also more open, promoting innovation, competition and consumer protection.

The reason why OpenAPI becomes a trend shaping financial services in the future.

“The bank of the future must serve the customers of the future”

OpenAPI is a technology that allows customers’ applications, software, and digital platforms to connect and exchange data with banking services effectively and securely. OpenAPI helps expand the digital ecosystem and improve customer experience in the digital space. Accordingly, banking services will not only be performed at banks’ owned channels but at any touchpoint or context that arises the user’s financial demands.

“Open ecosystem” is the foundation that helps InfoAPI successfully cooperate with leading businesses in Vietnam

In the context of Vietnam’s gradual digital transformation, optimizing connectivity and data integration has become a top concern for many businesses. Responding to this trend, InfoAPI was born as a flexible and advanced open API platform, helping businesses optimize system integration processes, enhance customer experience and promote effective business development

InfoAPI focuses on internal development and accelerates market demand: Design, secure, analyze, and extend APIs anywhere with visibility and control. The proof is that InfoPlus products always ensure

• Simplify connecting to Finance Units, ensuring easy Rights Management to help End Users and Finance Units control access to data
• Stay ahead of trends with an open ecosystem and a comprehensive team of expertise in the IT industry in general and the Fintech field in particular

Solutions that InfoAPI has provided to the market such as: Open API, Open banking, IBFT/NAPAS/CITAD Interbank connection and ACH electronic clearing, e-KYC, Selfie OTP, ID Check C06 (Secondary agency recognized by BCA), etc., InfoAPI helps affirm its leading position in the field of providing API solutions in Vietnam

Most recently, complying with Decision 2345/QD-NHNN of the State Bank on implementing safe and secure solutions in online and card payments. InfoAPI quickly grasped the requirements and built a solution to synthesize e-KYC in general and connect with the Selfie OTP and ID Check C06 modules to provide Wooribank, Hana Bank, IBK, etc., In a short time, InfoAPI has been built and deployed for banks to meet the requirements set forth by the State Bank

Thanks to its solid technology foundation and experience in surveying, building and operating OpenAPI systems, InfoAPI is proud to be a strategic partner of many leading businesses in Vietnam

With a commitment to accompany customers in digital transformation and sustainable development, InfoAPI will continuously enhance and improve the system, helping InfoPlus affirm its leading position and actively contribute to the success of its business partners