Wipro launches open banking API platform
Wipro, a leading global information technology company hailing from India, has announced the launch of its Open Banking API (Application Programming Interface) Platform.
The Open API platform, will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardisation of APIs.
Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution. It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models. Open Banking has been gaining significant momentum across the globe.
Wipro expects a large number of banks and financial institutions to adopt Open Banking initiatives to conform to evolving banking regulations, meet customers’ digital expectations, and stay ahead in an increasingly competitive FinTech industry. These are transforming the way banks approach products and distribution.
The banking business landscape demands disruptive requirements such as having a single unified technology platform for all of a bank’s crowdsourcing interactions with its developers involved with building its technology platforms or even creating branch-less banking experiences through a 100 per cent online presence. These needs extend well beyond the capabilities of regular API management.
Wipro’s Open Banking API platform accelerates banks’ journey towards the establishment of an API-enabled value ecosystem, and simplifies the onboarding and integration of FinTech services.
In addition to accelerated time-to-value, the platform equips banks with the ability to create and manage an API-enabled ecosystem through a single unified platform. The platform can engage an ecosystem of partners/developers to create new revenue streams and foster innovation.
Krishnakumar N Menon, Vice President – Service Transformation, Wipro Limited said: “With over 15,000 open APIs in existence already, an increasing number of organizations are realising the true potential of an open API ecosystem. Open Banking is disrupting the banking industry with new business models and an open innovation culture. Our platform is well poised to enable banks embark on their Open Banking journey.”
The platform leverages IBM API Connect, which offers capabilities to create, run, manage and secure APIs and micro services. It enables organisations to rapidly deploy and simplify the administration of APIs for both on-premise and cloud environments.
David Wilson, Vice President, IBM Cloud Business Partners and Channel Innovation said, “Open Banking will transform financial institutions into digital platforms by securely exposing their data and products, while providing innovative services to their customers.
“IBM is excited to partner with Wipro, powering the underlying technology, enabling Wipro to deliver a secure, robust and best-in-class open banking API infrastructure.”
Wipro’s Open API platform fosters a culture of open innovation across financial institutions. The proliferation of partner APIs and third party ecosystems have encouraged the industry to expand the market and improve accessibility of products and services.
Beyond Limits: Cognitive AI in APAC
Courtesy of current estimates, it looks like Asia-Pacific AI will be worth US$136bn by 2025. Its governments and corporations invest more money than the rest of the world in AI tech, the data of its citizens is considered fair game, and its pilots are small-scale and, as a result, ruthlessly effective. This is why, according to Jeff Olson, Cognizant’s Associate Vice President for Projects, AI and Analytics, Digital Business and Technology, the APAC region ‘is right on the edge of an AI explosion’.
Now, startup Beyond Limits is pushing the boundaries of what AI can do, mirroring humans in its ability to find solutions with even limited information. As of this July, it’s partnered up with Mitsui, a global trading and investment company, to expand its impact in APAC.
How Does Beyond Limits Work?
Most AI companies claim that they can help businesses make better decisions. But many need astoundingly large stores of data to feed their information-hungry algorithms. Beyond Limits, in contrast, takes a different tack. Perfect data, after all, is largely a pipe dream kept alive by PhD students. In reality, systems must often make decisions from small, incomplete sets of intel.
But Beyond Limits’ AI is no black box. ‘When little to no data is available, Beyond Limits symbolic technologies rely on deductive, inductive, and abductive reasoning capabilities’, explained Clare Walker, Industry Analyst at Frost & Sullivan. While making these leaps in logic, however, the system also keeps track, ensuring that humans can review the AI’s ‘thought process’.
Why Partner With Mitsui?
Beyond Limits is built for specific applications such as energy, utilities, and healthcare—but lacks the extensive industry network of Mitsui. Partnering allows Beyond Limits to access a portfolio of firms specialising in minerals and metals, energy, infrastructure, and chemicals. ‘We’ve been working on this deal for several years’, said Mitsui’s Deputy General Manager Hiroki Tanabe. ‘Mitsui’s global portfolio and Beyond Limits’ AI technology will...deliver impact’.
In the first test of that dramatic statement, Liquified Natural Gas (LNG) will soon deploy Beyond Limits’ new system. If everything goes according to plan, LNG will optimise how it extracts and refines energy, making money for both itself and investors—including Mitsui. This, in fact, is Mitsui’s strategy: go digital and don’t look back.
Why Does This Matter?
Forty-five percent of Asia-Pacific companies surveyed in Cognizant’s thought leadership ebook consider themselves AI leaders. Positivity bias, that oh-so-common tendency of humans to position themselves as above average as compared to others, strikes again. (Most small companies fail to launch successful AI projects on their own.) And partly, this is because firms fail to integrate AI with industry expertise.
‘A large part of the focus on talent for AI today has been getting the people who are strong in mathematics, AI, and technologies’, said Olson. ‘But where you make your money out of AI projects is when you apply them to your business’. In short: APAC nations looking for ways to bridge the gap might follow Beyond Limits and Mitsui’s playbook—coupling startup AI with a corporate network.