too cool for school
BBVA has created an Open Platform on its website for financial technology companies interested in implementing banking-related solutions. APIs for payments and business account documentation are already available. It’s all part of banking-as-a-service or BaaS, which is beginning to ripple through both traditional banking and fintech in much the same way that Amazon Web Services Inc.’s packaged services transformed cloud computing.
BBVA built its banking as a service platform to service its own in-house banking brands. Now, the global bank wants to white label its banking services to the broader US technology market.
Senior bank executives are starting to understand that Open Banking will have key implications on their future competitive positioning and related digital transformation activities. We define Open Banking as a business approach in which value creation results from sharing, providing and leveraging access to bank resources through application programming interfaces (APIs). This way data, processes and other business capabilities of banks are made available to an ecosystem of (selected) third parties (e.g. fintechs, technology vendors, corporate customers).