Prolifics Open Banking SaaS Solution Recognized by IBM
May 14, 2020
We’re excited to announce that Prolifics’ Innovation through Open Banking solution is an IBM 2020 Beacon Award finalist in the “Outstanding Hybrid Cloud Solution” category. The Prolifics UK Innovation Lab originally implemented the solution for a large British banking organization and has since implemented it at multiple major banks in the UK.
“IBM is proud to recognize Business Partners who strive to enhance client experiences, drive business growth, and change the world…The IBM Beacon Award recognizes Business Partners worldwide who use IBM products and technology to create outstanding solutions and spark innovation,” states IBM on their site announcing this year’s award winners.
Recent Open Banking initiatives in the UK and the EU’s PSD2 are changing how banks, their customers and third parties access, share and secure the customers’ financial information. These regulations reflect customers’ desires for digital access and self-serve functions for financial products and services, as well as ownership and portability of their digital financial accounts and transactions across providers.
Prolifics sees these initiatives, along with similar ones in the US, Middle East, Australia and Asia, as opportunities for financial organizations to reinvent themselves as more open, responsive, customer-centric and partner-friendly. Our Innovation Through Open Banking solution offers:
- Securely exposed, open APIs for use by both the business and third-party organizations
- A robust SaaS API management platform, leveraging IBM’s leading cloud, API, and integration products
- Access to a preconfigured sandbox environment built on IBM Cloud/SaaS software, enabling rapid testing of integration points
- A dedicated Prolifics managed services team that helps manage post-deployment complexities, freeing the organization to focus on customer service and future innovation
The solution provides a quick win and a quick path toward compliance with the new regulations. With the solution in place, the client can rapidly build a secured API marketplace, generating new products and services and adding new features to current offerings.
As similar initiatives arise elsewhere in Europe, the UK and around the world, this solution can be quickly adapted to meet those requirements. It is also a good fit for banking organizations seeking to innovate business practices in an open banking, API-centered model. But the base solution isn’t restricted to Banking – Prolifics has also extended the underlying IBM solution to provide capabilities for other industries such as Open Insurance and FHIR for Healthcare.