Open Banking Lab
Deep dive into the FinTech ecosystem. Continuous innovation with the right partners is key for any traditional Financial Institution (FI) that wants to remain relevant in the new financial landscape. In this digital era, Open Innovation is no longer a nice to have but a must-have shift. As a third-party provider (TPP) being able to know about FIs needs, finding the environment to collaborate and scale is critical.
Identifying the right FinTech partners with whom to engage can be a complicated endeavor for FIs. There are solutions for each of the financial services, but not all of them suit FIs’ needs. Even if the technology is a good match, there is the need to align business goals. The ability to scout, match, and testing before going into production is critical.
Without the core banking system integration, 4wrd fulfills the purposes of an innovation lab. The Open Banking Lab provides the technological infrastructure to allow testing, run proof of concepts (POC´s), validate third-party capabilities, and execute innovation programs. Third-party providers connect to 4wrd to have visibility over registered and posted FI needs. By applying to an identified problem and proposing matching solutions, the provider is able to test their functionalities in 4wrd´s Sandbox. While the FI can retrieve data and follow up on metrics before going into production.
- Core banking system integration is not required
- Time to market
- Low Cost
- PaaS subscription business model
- Pre Developed standardized API catalog
- API Manager
- TPP management tool
- Metrics & Reporting
- Sandbox and simulated data for testing
- Access to curated sets of Solutions (Digital Store)