CGI Group, a Canadian information technology firm, has released a new digital banking solution designed to allow the banks to benefit from the open API economy and address the challenges of open banking.
The solution, dubbed CGI Open Finance, empowers traditional banks to develop new value propositions and revenue streams by integrating their product-centric applications with fintechs using an API and orchestration layer.
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The open banking solution also supports close collaboration with third party providers (TPPs) and helps lender to become aggregators and provide the same services to their customers.
CGI said that its new platform will also allow banks to maximise the benefits of open banking by providing new digital services and value-add partnerships to their customers.
CGI Open Finance fully complies with the Revised Payment Service Directive (PSD2) for European financial institutions and is also in compliant with the Open Banking Implementation Entity initiative in line with the Competition and Markets Authority (CMA) in the UK.
CGI Luxembourg vice-president Frederik Evrard said: “CGI Open Finance is modelled on our successful partnership with a leading multinational which was looking to design, develop and launch a new API-based bank.
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By GlobalData“By incorporating the latest technology and architecture with CGI’s deep banking expertise in open banking and the open API economy, we believe CGI Open Finance can transform the industry.”
