Bank Respublika OJSC and The State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan “INNOLAND” Incubation and Accreditation Center, for the first time in the country, launch the “Open Banking Lab” project for FinTex startups.
Within 16 weeks, FinTex startups will be able to present their ideas individually or as a team. FinTex startups who have passed the pre-qualifying round will be able to participate in the incubation program and be trained by the leading experts. At the same time, distinguished participants will have access to the Open API, which is being tested for access to Bank Respublika's financial services for the first time in the country.
The idea of Open Banking is an innovative approach for banks to provide a wide range of more convenient and secure services by transferring clients' data to other businesses with their participation and consent.
Currently, Open Banking implemented by many of the world's largest banks, such as HSBC, Barclays, RBS, Santander, Bank of Ireland, Allied Irish Bank, Danske, Lloyds and Nationwide, as well as Deutsche Bank of Germany, CrediAgricole Bank of France, BBVA and etc. As of September 2019, the implementation of an Open Banking approach has become mandatory for all European banks.
There are two main standards for Open Banking: PSD2 in Europe and Open Banking in UK.
Bank Respublika OJSC has opened up opportunities for developers with the Open Banking project called Quantum. A developer portal has been created for developers to facilitate their use. Within this portal, users can implement the APIs provided to them on their systems with the support of documentation, and they can test the codes in “sandbox” mode. There are sample scripts in several programming languages such as Ruby, PHP, Python, Java, Node, Swift, C#, etc.