Why Banks need BIAN in 2020?
In these disruptive times for many industries, especially banks are facing challenges such as e-demanding costumers, rapid changing IT landscapes, disruptive innovations and start-ups and changing legislation.
New banking initiatives and blockchain technologies threaten general banking and payment services that banks rely on for decades, while stricter privacy regulations require banks to heavily invest in user’s security systems. The requirements heighten and the competition is increasing, that’s why BIAN is needed now more than ever.
BIAN and Open Banking
There is a lot of confusion on the term “Open Banking”. It allows customers of a bank to cross-use products and services from multiple banks and consume all those in one environment. That’s where Open API’s come into the spotlights. Open API’s enables all parties involved the communicate in an open, controlled and secure way. That’s why BIAN developed, until today, over 140 of those Open API’s. Ready to use for all in the industry at no cost. This Open Source model allows for all involved to suggest enhancement and/or additions that BIAN will incorporate in future releases. The advantage of the BIAN Open API’s is in the way they are developed, they are region agnostic, technology agnostic and they seamlessly connect the outside of the bank with the inside. Or as we named in BIAN; “We connect the above the glass experience (of your mobile device) with the below the glass processing (in the bank)”.
BIAN’s latest initiative – Coreless banking
To be able to service the 21st century clients with an State of the Art technological infrastructure, banks don’t only need to have their strategy up to par but it need to be supported by an architecture preferably based on open industry standards like BIAN.
Banks also need to be able to make use of 3rd party applications and solutions on a short time basis and with minimal integration effort. This is exactly what Coreless Banking is, if solution providers and banks take the BIAN models as their joined starting point, the banks themselves can create a seamless chain of services into solutions in no time.
That the Bank and software vendors both work accordingly to BIAN is a must, this will speed up the process tremendously and is the only way to guaranty quality, security and no lacking IT infrastructure that can generate delays and take away the strategic advantage this solution aims for.
BIAN collaborates with leading software vendors on developing a future-proof, regulatory-compliant and universally compatible banking infrastructure based on BIAN micro-services. 11 BIAN members have already taken up support of the initiative at a pilot stage, including PNC, Citi, Wells Fargo, JPMorgan Chase, Bangkok Bank, CIBC, IBM, Technisys, Infosys, Finxact and Zafin.
Who will benefit?
We see that many banks and software providers are discovering the advantages of the coreless bank’s way of thinking, therefore all are keen to work accordantly so they can service their financial partners in a future proof way. Many banks around the globe see the advantage of BIAN and are introducing internal education, projects and alignment to BIAN.
If you want to be ready for the future you don’t need to start from a blank sheet of paper, take a look at what BIAN has to offer and kick-start your journey!
For more information on the BIAN Open API’s visit www.portal.bian.org and for all other information please take a look at www.bian.org
Get your BIAN certification now
The BIAN Foundation Certification Exam is to test the delegate’s knowledge about the BIAN standard. This is the common framework for banking interoperability issues. By successfully passing the BIAN Foundation Exam delegates will achieve the BIAN Foundation level certification which ensures that they have been audited and have successfully mastered the required BIAN Foundation level. This includes their ability to describe and recognize certain knowledge about BIAN such as: the benefits BIAN provides to financial services providers, the BIAN design principles and artefacts, the abilities to reduce integration cost and maximize interoperability.
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