SunTec has introduced a new open banking platform known as Xelerate that will help banks innovate their business models and boost revenue.
The new platform will allow banks to monitor the performance of application program interfaces (APIs), services, products and partners in real-time.
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It will also offer end-to-end product catalog capabilities, transparent billing and accounts receivables engine, and product bundling capabilities.
Xelerate includes preset configurations and definitions that can be used for different revenue monetisation models.
SunTec CEO Nanda Kumar said: “PSD2 and Open Banking will change the way banks interact with their customers. Banks which adapt to the new regulatory demands will evolve into marketplaces for their customers because they will source, package and deliver services to each individual customer. The perceived value of a bank is redefined by the new regulations through the management, monitoring and monetizing of customer data.”
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