Nedbank claims digital first with launch of API marketplace for fintechs

Nedbank has launched the Nedbank API_Marketplace, an application programming interface (API) platform which the bank says will allow approved technical partners to create innovative solutions for clients.

In a statement last Thursday (28 March), the bank claimed its R2-billion investment in technology, has led to the bank becoming the first in Africa to launch an API platform aligned with Open Banking standards.

The bank said using the platform, technical partners will be able to leverage the bank’s data and financial capabilities and start integrating with Nedbank’s standard, secure and scalable APIs.

“The result (of the Nedbank API_Marketplace) is innovative and exciting products and services that deliver secure, enhanced client experiences in shorter timeframes,” the bank’s chief information officer, said in the statement.

Nedbank has launched the Nedbank API_Marketplace which will allow approved technical partners to create innovative solutions for clients

He claims the platform is a “real-world” example of the bank’s commitment to deliver “innovative, market-leading client experiences”.

The platform, said the bank, also opens the door for third parties to partner with the bank to provide digital solutions that have never before been seen in the market.

Nedbank said it will allow clients to choose what data they share and who they share such data with.

Swanepoel said the bank’s technical partners include fintech companies, cellular service providers and online retailers.

The launch of the platform comes on the back of the Open Banking and PSD2 wave that is sweeping over the UK and Europe.

These regulations direct banks to relinquish their monopoly on client data and banking functionality to provide clients with more innovative banking and financial services options.

Swanepoel says although the SA banking sector is currently not governed by these regulations, Nedbank has opted to embrace the change, “paving the way for creating a more client-centric and transparent approach to financial services”.

Nedbank will hold two launch events for the platform — in Johannesburg next Monday (8 April) and next Tuesday in Cape Town (9 April). Those wanting to attend can register here.

Featured image: StockSnap via Pixabay