Fime bags certification to support growth of open banking in India

French FinTech Fime has revealed it has been empanelled as an official certifier to support the growth of India’s open banking ecosystem.

The company was certified by India’s DigiSahamati Foundation and will work with Sahamati’s Certification Working Group to standardise and augment customer onboarding, data governance and security for the open banking account aggregator network.

Founded in 1962, Paris-based Fime enables users to create and launch solutions across payments, smart mobility, biometrics, open banking and authentication. The company partners with organisations globally to test their products and services.

The company markets TrustAPI+ – a cloud-based open API testing tool – that it claims enables innovation and reduces time to market.

According to Fime, TrustAPI+ is accessed through a secure cloud portal that allows multiple users to collaborate on projects even when based in different regions.

Sahamati co-founder B.G Mahesh said, “Our goal is to help drive the adoption of the account aggregator specifications and facilitate the organic growth of the ecosystem. Sahamati is helping to facilitate the consented sharing of financial information to enable use cases such as lending and wealth management. This is helping to drive forward the Make In India initiative by enabling the digital transformation of India’s financial services.”

Fime managing director for India and South Asia Angaj Bhandari added, “Data currently exists in silos and can’t be used effectively by individuals or businesses. This initiative is bringing everyone together to enable data sharing, fostering innovation and bringing more valuable products and services for consumers and businesses. Certification is a key enabler, protecting the integrity of the space, the APIs it relies on and ensuring the right parties are involved.”

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