Four fintechs have been on boarded so far to create proof of concept.
Monday 05, November 2018
Emirates NBD, a leading bank in the region, is proud to announce that it has enabled open banking collaboration with the launch of its API (Application Programming Interface) Sandbox. This makes Emirates NBD the first UAE bank to introduce such a platform in the region, as part of the AED 1 billion investment it has committed to its digital transformation.
A front-runner in banking innovation, the API Sandbox marks a critical milestone in Emirates NBD’s journey to transform the way it collaborates within its digital landscape. Speaking on the occasion, Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, said, “Our focus is to co-create and build new business models that offer pioneering solutions, all the while bringing new and differentiated experiences to our customers and employees.”
He added that the open banking sandbox environment will enable, simplify, and accelerate innovation for the bank’s employees, and partnerships with fintechs, start-ups, creative developers, academia and SMEs, ensuring faster speed-to-market on digital banking products and services.
“We will now provide a lucrative opportunity and offer the right tools for enterprising FinTechs and developers to turn their creative ideas into real working prototypes which we then test with real customers, as opposed to showcasing ideas only as multipage documents and slides,” said Evans Munyuki, Chief Digital Officer at Emirates NBD.
Emirates NBD’s API Sandbox, powered by Virtusa and enabled by the Group CIO Miguel Rio Tinto, follows Open Banking Standards that ensure the utmost security and privacy for its users. The platform consists of over 200 APIs and 900 end points covering retail, corporate and SMEs. Developers also have access to over three million simulated customer transactions based on the BIAN (Banking Industry Architecture Network) model.
“Virtusa is proud to partner with Emirates NBD in the launch of the region’s First Open Banking API Sandbox. Our engineering skills and in-depth understanding of banking has enabled us to build a platform that brings banks, FinTechs, and developers together in one place, allowing them to innovate and improve the digital banking experience for customers.” said Vasudev Telikicherla, Senior Vice President and Head of Middle East Business, Virtusa.
The API Sandbox makes Emirates NBD more accessible to developers with API technology boosting the bank’s role in accelerating the region’s innovation ecosystem as well as creating increased for value for its customers and partners, while contributing to the economic growth of the region.
Evans Munyuki confirmed that Emirates NBD has a very strict registration process covering compliance and security while ensuring alignment with potential partners’ goals. So far, four FinTechs have already been on boarded on the Emirates NBD API Sandbox to create proof of concepts on the bank’s platform.