Money & Banking

Virtusa partners with BIAN to develop API exchange

K R Srivats New Delhi | Updated on October 27, 2018 Published on October 27, 2018

The BIAN API Exchange was built on Virtusa’s Open Innovation Platform.   -  Getty Images/iStockphoto

Allows banks to reduce the complexity of building and delivering open banking capabilities

Nasdaq listed Virtusa, a global provider of digital strategy, digital engineering, and IT outsourcing services, on Friday announced its collaboration with the Banking Industry Architecture Network (BIAN) to launch API Exchange.

BIAN’s API Exchange, developed collaboratively by a group including Virtusa, BIAN member banks, and IT businesses, is an open, flexible, 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 innovative and intuitive digital services across both back-end and customer-facing functions.

Senthilkumar Ravindran, executive vice president and global head of Innovation Labs, Virtusa said in a statement, “We strongly believe that BIAN is moving in the right direction to introduce and apply their standards in the form of Open Source APIs and microservices. Not only will it help realise the benefits of standardisation, but it will also achieve rapid acceleration in integration, quality assurance, and partnerships within the banking industry.”

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 standardized frameworks to facilitate more open and easy collaboration with FinTechs and RegTechs. BIAN’s 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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Published on October 27, 2018
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