ATLANTA (July 14, 2020) – GT Software, a mainframe modernization software company, announces today the launch of Open Banking SmartBridge. This new offering will provide banks and financial institutions with a quick and secure way to connect their legacy IT systems to the multitude of ever-changing third-party apps and services as the U.S. moves closer to open banking adoption.
Until now, the pace of modernization has been frustratingly slow. Ninety percent of the world’s financial transactions are processed on mainframes every day, but this legacy technology is notoriously bad at talking to external applications and systems. When connecting the old with the new, traditional banks often hit a major roadblock due to the legacy technology on which their apps and processes are built.
The Open Banking SmartBridge brings speed, flexibility and compatibility to the mainframe by:
The SmartBridge easily connects core systems with open banking standards and APIs. This allows banks to integrate FinTechs and their legacy systems using industry-standard APIs without typical developer resources or time frames. For inbound calls, third-parties have instant mainframe access to look up balances or verify account information and initiate transactions directly from legacy apps. SmartBridge also allows for real-time outbound calls from COBOL and PL/I applications to KYC, AML and fraud-detection systems without writing any code.
The Open Banking SmartBridge works in real-time to:
For more information, download the full details.
GT Software developed the backbone of Open Banking SmartBridge over the past decade, using its 35 years of mainframe expertise to test the software rigorously.
GT Software empowers many of the world’s largest banks—such as SunTrust, JP Morgan Chase, and Natixis—to accelerate their IT modernization efforts. By enabling companies to connect legacy mainframe assets with modern, cloud-based systems, GT removes a major roadblock for Fortune 1000 companies looking to elevate their customer experience. Pioneering the Open Banking movement in Europe and the US, GT Software allows mainframes to rapidly create inbound calls and call out. Now, legacy systems can perform functions such as real-time payment, fraud detection, KYC, and AML in real-time. GT Software is proud to help lead innovation with its 35+ years of mainframe expertise.