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Online Banking/Finance: GrapeData helped a Chinese digital wallet enter the open banking space
Open Banking has gained a lot of traction in recent years. It is a fairly new concept that allows customers to share their financial information between banks and other financial service providers. This is done through using Application Programming Integration Services also called as APIs. A Chinese digital wallet offering seamless mobile payment solutions to integrate Chinese payments into the US economy was looking to enter into the open banking space. Previously, they offered Chinese customers the chance to pay in Chinese Yuan and the payment would directly be settled in dollars into the merchant’s account. They were now looking to become a third party service provider ( TPP) in the open banking landscape. But to do this, they would need expert insights on several aspects of the fairly new industry.
We were able to identify and recruit 12 experts from the US market with a deep understanding of the open banking, the regulatory framework and competitive landscape, enabling our client to pick and choose from a pool of the world’s leading experts. We also facilitate a one-on-one consultation for our client to provide expert insights on the legal and technical aspects of open banking. The expert insights also entailed educating API developers working across financial services companies, commercial banks and fintech companies.
Ultimately, the client discovered useful insights to make a more confident and informed market entry decision. They were able to complement knowledge on technical aspects about APIs with the knowledge from existing financial institutions that have already entered into the open banking space.
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