It is currently offering four APIs.
OCBC has announced the launch of its open Application Programming Interface (API) platform, making it the first bank in Southeast Asia to do so. OCBC is accordingly rolling out its own developer portal, Connect2OCBC.
APIs are tools and protocols used to create software applications. They are defined as sets of requirements that dictate how one application interacts with another.
Currently, OCBC offers four APIs: a branch locator API, an ATM locator API, a smart card advisor, and a forex rates API.
“The open APIs will put our data to more efficient use as it can be shared both internally across the bank and externally with third-party software developers,” states Praveen Raina, Senior Vice President, Group Operations & Technology, OCBC Bank.
“We want to create a ‘data social network’ which facilitates free flow of certain non-customer data that will benefit any third party and the community as a whole in a secure manner. It will help us extend our reach to not only our customers but potential customers as well, while creating a better user experience,” Raina adds.
OCBC shares that the API platform was developed in-house, and that it is expected to cut costs for the bank and third-party software developers. The bank says it has further plans to roll out more APIs.
OCBC also asserts that the move is in support of the government’s Smart Nation initiative, as well as the Monetary Authority of Singapore’s (MAS) plans to move towards an open API architecture and to build a Smart Financial Centre.
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