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Payments General

Virtusa and BIAN develop API Exchange to support open banking

Thursday 25 October 2018 | 10:50 AM CET

US-based IT digital strategy provider Virtusa Corporation has announced working with the Banking Industry Architecture Network to launch BIANs API Exchange.

BIANs API Exchange, developed collaboratively by a group including Virtusa, BIAN member banks, and IT businesses, is an open enterprise-grade computing platform built on the Microsoft Azure cloud infrastructure. The exchange currently features over 65 standardised API definitions that allow banks to reduce the complexity of building and delivering open banking capabilities by providing clear guidance on how to implement  digital services across both back-end and customer-facing functions.

Virtusa representatives stated that BIAN is moving in the right direction to introduce and apply their standards in the form of Open Source APIs and microservices.The BIAN API Exchange was built on Virtusa's Open Innovation Platform and features gamification to boost the right community behaviours.

The gamified environment is designed to promote healthy and measurable meritocracy to enhance collaboration and contribution amongst the BIAN community. Further, the API Exchange will allow banks to modernise their critical legacy infrastructure and adopt standardised frameworks to facilitate more open and easy collaboration with fintechs and regtechs. BIANs API Exchange also consists of community-building collaboration tools such as wikis, forums, and ideation billboards where API and microservice creators and consumers can collaborate dynamically to create and use BIAN-based API implementations.

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