Virtusa Corporation has unveiled its collaboration with the Banking Industry Architecture Network (BIAN) to launch BIAN’s API Exchange.
BIAN’s API Exchange, developed collaboratively by a group including Virtusa, BIAN member banks, and IT businesses, is an open, flexible, enterprise-grade computing platform built on the Microsoft Azure cloud infrastructure. The exchange currently features over 65 standardized API definitions that allow banks to reduce the complexity of building and delivering open banking capabilities by providing clear guidance on how to implement innovative and intuitive digital services across both back-end and customer-facing functions.
“We are privileged to support BIAN’s Open Source ecosystem using our strong experience and expertise in building digital innovation platforms for banks and supporting Open Source products and communities in general,” said Senthilkumar Ravindran, executive vice president and global head of Innovation Labs, Virtusa. “We strongly believe that BIAN is moving in the right direction to introduce and apply their standards in the form of Open Source APIs and microservices. Not only will it help realize the benefits of standardization, but it will also achieve rapid acceleration in integration, quality assurance, and partnerships within the banking industry.”
“BIAN and its members have been working for over a decade to build standardized banking frameworks that make it easier for banks to overcome the wide array of complexities that come with modernizing services, “said Hans Tesselaar, executive director at BIAN. “With the launch of the API Exchange, we are convinced that we make it easier than ever for banks to deliver innovative and high-quality services that meet customers’ increasing expectations. We are incredibly grateful to Virtusa for the critical role they have played in creating the API Exchange. Without the input of member organizations such as them, our quest for driving the modernization of the banking industry would be out of reach.
