Ernst & Young (EY) has partnered with Open Banking Nigeria to build and advocate a standard application programming interface (API) for the country’s financial services industry.
This partnership aims to transform the management of financial data and further the services to individuals and companies in Nigeria.
There is a growing consensus from businesses that there is a need of a common API standard among banks and other financial institutions to support adoption and innovations, the companies claim. By establishing in common API system, data could be more effortlessly accessed and shared in real-time.
It would also help the development of modern payment services, cost-saving for operators, and increased innovation.
Open Banking Nigeria is a non-proft organisation driving the development and adoption of open banking in the country.,
EY partner Dapo Adewole said, “As part of our commitment to support the building of a better working world, EY Nigeria is working with stakeholders to use open banking to reshape financial services, especially as regulators and governments seek to increase competition and choice.
“We understand that customers also expect more convenience and flexible access to services, driven by broader digital experience and emerging technology. It is our desire to bring this goal to fruition while working with other players in the industry.”
A panel at the Global RegTech Summit 2019, discussed the need of a standardised API in order to help companies comply with regulations like PSD2 Open Banking.
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