Wipro Launches Open Banking API Platform
November 07 2016 - 7:23AM
Business Wire
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading
global information technology, consulting and business process
services company, today announced the launch of its Open Banking
API (Application Programming Interface) Platform. The Open API
platform will enable banks and financial institutions to launch
Open Banking initiatives and create new forms of distribution
channels and servicing capabilities, provide access to third-party
application marketplaces, and comply with emerging regulatory norms
through the standardization of APIs.
Open Banking is an emerging trend in financial technology that
uses Open APIs to enable third party developers to build
applications and services around a financial institution. It
facilitates greater financial transparency and helps financial
institutions innovate and create new revenue models. Open Banking
has been gaining significant momentum across the globe, especially
in the European banking industry – driven by changing regulatory
mandates. Revised Directive on Payment Services (PSD2) is one such
regulatory mandate that aims to standardize, integrate and improve
payment efficiency in the European Union.
Wipro expects a large number of banks and financial institutions
to adopt Open Banking initiatives to conform with evolving banking
regulations, meet customers’ digital expectations, and stay ahead
in an increasingly competitive FinTech industry. These are
transforming the way banks approach products and distribution.
The banking business landscape demands disruptive requirements
such as having a single unified technology platform for all of a
bank’s crowdsourcing interactions with its developers involved with
building its technology platforms or even creating branch-less
banking experiences through a 100 per cent online presence. These
needs extend well beyond the capabilities of regular API
management.
Wipro’s Open Banking API platform accelerates banks’ journey
towards the establishment of an API-enabled value ecosystem, and
simplifies the onboarding and integration of FinTech services. By
enabling compliance with emerging Open Banking regulatory mandates
such as PSD2, the platform helps organizations keep pace with
banking industry trends.
In addition to accelerated time-to-value, the platform equips
banks with the ability to create and manage an API-enabled
ecosystem through a single unified platform. The platform can
engage an ecosystem of partners/developers to create new revenue
streams and foster innovation.
Krishnakumar N Menon, Vice President – Service
Transformation, Wipro Limited, said: “With over 15,000 open
APIs in existence already, an increasing number of organizations
are realizing the true potential of an open API ecosystem. Open
Banking is disrupting the banking industry with new business models
and an open innovation culture. Our platform is well poised to
enable banks to embark on their Open Banking journey.”
The platform leverages IBM API Connect, which offers
capabilities to create, run, manage and secure APIs and micro
services. It enables organizations to rapidly deploy and simplify
the administration of APIs for both on-premise and cloud
environments.
David Wilson, Vice President, IBM Cloud Business Partners and
Channel Innovation, said, “Open Banking will transform
financial institutions into digital platforms by securely exposing
their data and products, while providing innovative services to
their customers. IBM is excited to partner with Wipro, powering the
underlying technology, enabling Wipro to deliver a secure, robust
and best-in-class open banking API infrastructure.”
Wipro’s Open API platform fosters a culture of open innovation
across financial institutions. The proliferation of partner APIs
and third party ecosystems have encouraged the industry to expand
the market and improve accessibility of products and services.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading
information technology, consulting and business process services
company that delivers solutions to enable its clients to do
business better. Wipro delivers winning business outcomes through
its deep industry experience and a 360-degree view of “Business
through Technology.” By combining digital strategy, customer
centric design, advanced analytics and product engineering
approach, Wipro helps its clients create successful and adaptive
businesses. A company recognized globally for its comprehensive
portfolio of services, strong commitment to sustainability and good
corporate citizenship, Wipro has a dedicated workforce of over
170,000, serving clients across 6 continents. For more information,
please visit www.wipro.com.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks
and uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in our
earnings, revenue and profits, our ability to generate and manage
growth, intense competition in IT services, our ability to maintain
our cost advantage, wage increases in India, our ability to attract
and retain highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our
international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability
to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of
fiscal governmental incentives, political instability, war, legal
restrictions on raising capital or acquiring companies outside
India, unauthorized use of our intellectual property, and general
economic conditions affecting our business and industry. Additional
risks that could affect our future operating results are more fully
described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov. We
may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and
our reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us
or on our behalf.
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Wipro LimitedSandhya Sutodiasandhya.sutodia@wipro.com
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