Auka Open Banking
With Auka’s Open Banking, new banking challenges become brilliant business opportunities.
What is Auka Open banking?
Auka has developed a modern application programming interface that fintechs enjoy working with. It follows the latest industry standards enabling developers to build products, services, and new features fast, without having to deal directly with the underlying legacy systems. It is a one-stop shop for what innovators are looking for. Banks and financial system providers need only deal with one integration rather than having to connect one-by-one with various potential partners.
What are the benefits?
As a retail bank, regulatory changes force you to open up your core systems. The commercial value is limited as the core features are a commodity, available from any retail bank, post PSD2. If you connect to the Auka Open Banking platform, you gain access to a wide range of fintech companies, eager to innovate and create value on top of your services and systems. You can connect more services and expose features, not required by PSD2, and monetise them.
BN Bank is a digital-only Norwegian retail bank. Via the Auka Open Banking platform, Spiff got access to the payment and account hosting features they need to create a beautiful and appealing saving service, while staying compliant, storing the customers’ funds on the books of a regulated bank with deposit insurance.
By connecting to the Auka Open Banking platform, BN Bank entered into a partnership with Spiff, acquiring all Spiff users as customers with a dedicated savings account, giving the bank access to new customers and a new source of deposits.
Do you want to explore the opportunities of Auka Open Banking, talk to our specialists.