Case Study
Open Banking
Readiness
Improving consumer confidence with trusted data sharing capabilities.
Challenge
- Open banking requirements are forcing financial institutions, fintechs, aggregators and regulators to adapt to ever-evolving standards that support more complex models for financial data sharing and security.
- As the need for securely sharing data has grown, a leading financial software company required support to drive standardization, certification and adoption of its financial applications.
Solution
To address these challenges, the EEI team accelerated open banking adoption through industry expertise and a deep understanding of the new Financial Data Exchange API (FDX) standard. Our team designed and delivered a complete end-to-end program that:
- Simplified the onboarding process procedures and guidelines.
- Provided clients with progress reference points.
- Reduced testing churn.
- Reduced testing timelines by employing a unique approach to customized API requests & responses.
- Onboarded millions of customers efficiently and quickly.
Business Value
- Allowed financial industry clients and data consumers to quickly adopt to a trusted data sharing framework guided by leveraging EEI’s open banking expertise.
- Helped prioritize financial institution needs with aggregators, resolving conflict issues arising between aggregator and financial institution API implementations.
- In-depth knowledge and understanding of client and aggregator expectations drove down API implementation cost & time spent in certification process.