Finastra, OBE, Railsbank, and Yolt Technology Services (YTS) have integrated to introduce the first appathon outlined to drive open banking into the broader domain of open finance. Promoted by Amazon Web Services (AWS) and MasterCard, the event gives startups and enlarges a unique opportunity to start market-ready solutions that will shape the future of API-based banking and commerce, by permitting new capabilities in related markets, such as savings, pensions, insurance, and mortgages.
The Open Finance movement is set to give consumers and businesses more control over a wide range of their financial experiences, allowing them to access and share their data with a wider range of providers who undertakes innovative services that meet their needs. Open Finance Appathon offers participants a special chance to lead the pack of open financial solutions that are being developed across the globe. Using the range of APIs and sandboxes offered by Railsbank, YTS, and Finastra (via its FusionFabric.cloud platform) engaging Fintechs will be able to expand, improve, and test their own solutions. Eli Rosner, Chief Product and Technology Officer at Finastra stated that 86% of banks are looking to acquire open APIs in the next 12 months, according to their recent research, simultaneously, 45% admit that the cost and time associated with research and development are complications in innovation. Open platforms like FusionFabric.cloud help banks and Fintechs cooperate faster, with apps becoming accessible to customers in a matter of days rather than months. APIs, app stores and appathons like this one give Fintechs a possibility to combine with leading providers and realize a new route to hundreds, if not thousands of banks.
Leon Muis, Chief Business Officer, speaking of YTS’s decision to partner for the appathon mentioned that open banking has unlimited potential, but it needs the conditions to prosper, that’s why moving towards open finance is so important. Giving both consumers and businesses the control and interconnectivity to use digitized financial information can transform the way financial services are retrieved and delivered. The Open Finance Appathon represents this aim, and YTS is satisfied to be part of an initiative that will drive the move towards open finance as working together is key, and partnering with concurring organizations shows what can be achieved when they pull together.
