Open banking: realising business value with cloud

Open banking describes the use of open application programming interfaces (APIs) that enable the sharing of consumer transaction data and payments (with consumer consent), with trusted third party providers allowing them to deliver added-value services and initiate payments from the chosen customer bank account.

GFT has been working with our partner AWS to develop solutions that help financial institutions manage, transform, and store their data securely. With the rise in the production and usage of data, for artificial intelligence and data analytics, firms need a robust and scalable way of managing this growing demand.

With support from AWS, GFT offers a number of solutions, including a flexible way for retail banks to move towards a flexible ‘open banking’ environment, as well as an innovative and transparent solution for managing regulatory data requirements, along with the proactive management of regulatory data reporting in a cloud-based solution.

Open banking: Realising business value with cloud

The capabilities of AWS cloud technology allows clients to demonstrate the ‘art of the possible’ quickly and cost effectively. The GFT / AWS acceleration service offers a quick-start guide for building front-to-back solutions for given open banking business challenges, based on AWS architecture.

Embracing the cloud for regulatory reporting

GFT, with the support of Amazon Web Services, have created a cloud native transactional reporting infrastructure and service.  This service allows financial institutions to leverage their data in ways previously unprecedented and can offer up to 10x cost-savings versus the same service on-premise.