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Payments General

Baltic International Bank implements open banking and sandbox

Thursday 21 March 2019 | 01:44 PM CET

Latvia-based Baltic International Bank has announced launching an API sandbox solution for open banking.

Baltic International Bank’s offering is an open banking platform for cooperation with financial technology companies and other partners. API Sandbox is an isolated environment where third-party service providers are able to test their ideas and innovations in the financial sector in general and in asset management in particular. The solution is suitable for large companies and independent developers, especially for those interested in new digital products, services and innovations.

The bank is offering its API sandbox solution whereby two Application Programming Interfaces (APIs) are available in accordance with the second Payment Services Directive, or PSD2. API is a software intermediary that allows two applications to interact with each other both within and between organisations and share data with each other. The API sandbox solution implemented by Bank enables new players, both payment initiation service (PIS) providers and account information service (AIS) providers, to penetrate the market.

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