Open Banking and Open Finance are essential to any digitization strategy for banks and asset managers. For digital offerings and apps to run smoothly and securely, there needs to be a stable and secure interface between the systems. The German API provider Ndgit (website), based in Munich, has developed a system for securely connecting banks to the bLink platform of exchange operator SIX.
According to the company, the “ndgit bLink Connector” simplifies the connection to the open finance ecosystems of financial institutions.
The steadily growing API (application programming interface) hub allows banks to connect their accounts and payment systems to accounting software applications, among other things, or to add bank-specific offerings to the tools of asset managers and wealth techs in the available wealth according to a statement Monday. The connector was developed in cooperation with Inventx, and with the support of SIX, it was added.
It said that open Finance allows customers to access their account and other banking data with their preferred partner applications. The “ndgit bLink connector” is based on ndgit‘s API security suite. It can be used, for example, to authorize and authenticate customers or to manage customers’ acceptance of terms and conditions. The identity access management (IAM) required for this, he said, has been further developed for the open finance use cases.
“Our integrated solution significantly reduces the cost and risk of connecting bLink for banks and IT partners,” said Ndgit Chief Product Officer (CPO) Mark Bewernik. The module offers financial institutions and their IT partners new possibilities for the technical connection to the bLink platform.