As strong advocates of open banking adoption, we’re excited to announce the launch of the new Open Banking SmartBridge. Our new offering provides financial institutions and banks with a simple, secure way to connect their legacy IT systems to a plethora of third-party apps and services. It’s our hope that the SmartBridge helps to usher … Continued
The concept of open banking is often described as the free exchange of data with consumer consent, of course. The goal is to anticipate individual consumer needs by feeding AI and machine learning programs with buckets of data. Then, team up with third parties to offer a highly personalized banking experience with more relevant products … Continued
Traditional banks are truly at a crossroad. It is a divergence carved out by increasing competition and changing consumer attitude. On one side, there’s the familiar way that things have always been done. On the opposite path, runs the dark and foggy road of uncertain banking territory, ripe with hybrid cloud, API interfaces, and concepts … Continued
Last year, the finance industry buzzed with the endless possibilities of fintech and traditional banking partnerships. It was believed that traditional banks might benefit from the speed, agility, and focus of startups. Plus, they could keep a close eye on disruptive innovation. Fintechs would grow rapidly from the resources, scale, and brand credibility that banking … Continued
As a bank executive, you know your company has access to all kinds of data, and your job is to find the most valuable ways to use it. Data is an opportunity to understand your customers better and get an idea of their needs. According to Srini Nallasivan, chief analytics officer at U.S. Bank, this … Continued
The open banking movement has been spreading across the world, with forecasts showing it’s gradually expanding to the United States. Open banking puts consumers in control of their financial data, allowing them to decide how they want to share their information. But companies in the financial industry can also see numerous benefits from it as … Continued
When talking about IT availability, the goal is to get as close to 100% available as possible. Just as nothing in life is certain, nothing in IT is always available. Hardware and software eventually break down. Nevertheless, companies can get very close to meeting the established expectation that tech should be always on. The holy … Continued
Open banking, a concept that puts individuals in the driver’s seat when it comes to sharing their fiscal data, is impacting the financial services industry in countries across the globe. As its adoption continues to accelerate in the United States, consumers are demanding real-time payments and open access to financial information. But are U.S. Banks … Continued
The Financial Data Exchange (FDX), an organization that is empowering consumers with the access and transparency to make informed financial decisions, has just reached its first of many membership milestones. Over 100 companies now belong to FDX, with its community growing to 103 in April. As membership grows, so does the adoption of the FDX … Continued
Open banking is already proving to be a disruptive force in the financial service industries across the globe. As consumers in the United States begin demanding real-time payments and open access to their data, the U.S. financial service industry seems primed for open banking. But are U.S. banks ready? It’s not that traditional U.S. banks … Continued
In our ongoing quest to support open banking adoption in the United States, GT Software is proud to announce that we have joined the Financial Data Exchange (FDX). FDX is a non-profit dedicated to unifying global standards for data sharing and empowering consumers to make informed financial decisions. The payment process in the U.S. is … Continued
Our recent mainframe modernization survey provided observations about current or recent mainframe users. We surveyed over 160 individuals in various job functions and organizations. By far, the most interesting survey find was low awareness with open banking and related topics among fintech and insurers. For example, 87% of respondents in the banking and finance space … Continued
Advanced, the third largest IT company headquartered in the UK, recently hosted a webinar to provide some perspective on what is going on with their current open banking movement. They brought in expert Chris Michael, the CTO of the Open Banking Implementation Entity (OBIE) in the UK and Alex Heublein, CRO of GT Software, a … Continued
This week, Goldman Sachs customers finally received what they have been asking for—a mobile banking app. The Marcus app, which integrates with their digital bank of the same name, is finally available in the App store. Goldman Sachs is widely recognized as a global leader in investment banking, securities, and financial management. In 2016, they … Continued
Every December, we look back on the past year and marvel at the events that have taken place. You may have started the year single and are now engaged, or may now be the proud parent to a new baby or fur baby. A lot can change in just 12 short months. But one thing … Continued
Security is paramount for open banking and APIs play an integral part. They are an easy and secure way to access existing systems that hide the complexity from users. With PSD2 and open banking, EU and UK banks are creating APIs to securely open core systems for specific uses, providing banks with an opportunity to … Continued