Open Bank Project Collaborates with Open Source Software Company Red Hat

Open source API innovator, TESOBE’s Open Bank Project, announced it has teamed up with Red Hat this week. The two are collaborating on a new API specifically designed for banking and financial services companies.

The Open Bank Project will leverage Red Hat’s Fuse along with the North Carolina-based company’s rule engines to connect banking systems and offer interoperability among a variety of sources of bank data. This combination of the Open Bank Project’s and Red Hat’s open source technologies facilitates banking system connections while delivering a wider range of applications to end users.

TESOBE CEO and Founder of the Open Bank Project, Simon Redfern, said, “Red Hat and TESOBE share a strong commitment to open source and I’m excited to see these technologies working together. The collaboration we have today can offer a valuable opportunity for banks to help reap the benefits of Open Banking.”

Founded in 2005, the Open Bank Project is a pioneer in open banking, an initiative wherein banks open up their architecture via APIs. In addition to allowing third party applications and services to leverage consumer data, open banking helps financial services companies comply with the EU’s recently revised payment services directive, which was implemented in January of this year. For this reason, as Rich Feldmann, global director of financial services for RedHat, noted, “As open source continues to be a part of the financial services and banking industry, it is important to have standards and projects in place to help enable it to be used properly and remain compliant. This is why we are happy to collaborate with TESOBE’s Open Bank Project to help provide technology tools and guidance to enable success in open source banking.”

In addition to today’s Red Hat announcement, the Open Bank Project also divulged it will be working with Australian challenger bank, 86 400. The neobank will leverage the Open Bank Project’s APIs to standardize and harmonize its API design for more than 10,000 fintech developers.

Headquartered in Germany, TESOBE’s Open Bank Project demoed at FinovateFall 2018 last month, where Redfern showcased how banks can leverage APIs to drive innovation. Earlier this summer, the Open Bank Project teamed up with Citizens Bank to power the bank’s hackathon.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

TESOBE’s Open Bank Project Powers API for Forty Seven Bank

The Open Bank Project, an open source API solution, announced this week it will power an API for Forty Seven Bank, a London-based banking startup.

This week, Forty Seven Bank released the first version of its API to give developers access to its infrastructure. This allows developers to take advantage of Forty Seven Bank’s compliance, risk management, and customer service offerings. The bank currently has 24 new apps eligible for its internal app store.

Forty Seven Bank CEO Aleksandrs Malins said, “This is a huge moment for us and the wonderful community that has formed around this project. We worked from the premise that any fintech developer in the world should have the opportunity to create groundbreaking new products even without big money behind them.”

Thanks to the Open Bank Project, Forty Seven Bank’s API is PSD2 compliant– a key to taking advantage of financial services opportunities in Europe.

Headquartered in Germany, the Open Bank Project was founded in 2005. The company’s CEO Simon Redfern, along with COO Ismail Chaib, demoed the API engine at FinovateEurope a few weeks ago in London. In late January, The Open Bank Project announced it was powering Santander’s first hackathon and in May of last year, the company partnered with Societe Generale to launch the bank’s internal hackathon.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: TESOBE

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

TESOBE’s Open Bank Project is the leading open source API solution for banks.

Features

  • Comply with Open Banking and PSD2 regulation and go beyond
  • Leverage a large Open Banking catalogue of APIs
  • Reach over 8,000 fintech developers worldwide

Presenters

Simon Redfern, CEO
Founder of the Open Bank Project, Redfern is a hacker at heart, always keen to explore emerging technologies. He is also a composer and enjoy creative collaborations and is based in Berlin, but from London.
LinkedIn

Ismail Chaib, COO
Chaib is a recognised Open Banking practitioner with more than 5 years of experience in the domain. As COO of TESOBE, he is in charge of sales, business development and marketing. Previously, Chaib was founder of SMSBridge. He is based in Berlin and from Algiers.
LinkedIn

TESOBE’s Open Bank Project Powering Santander’s First Hackathon

Courtesy of help from TESOBE’s Open Bank Project, Santander is hosting its first hackathon this spring. The bank will leverage the Open Bank Project’s white-labeled sandbox technology and expertise to host the competition, themed Building Banking Your Way.

Stephen Dury, Head of Customer and Innovation at Santander​, said, “​By launching a hackathon, we hope to see the future of open banking come to life through participants fresh ideas, creative new use cases and industry-changing solutions.”

Using a sandbox of emulated data, the hackathon aims to find innovative solutions to business challenges and tackle issues ranging from customer interaction, security, homeownership, and money management. Prizes will be awarded to participants who create submissions that “surprise, delight, and engage with users in a way that has never been done before” and the winning team will receive $14,000 (£10,000).

Santander’s upcoming hackathon will take place from 16 through 18th March in Shoreditch.

Simon Redfern, CEO of TESOBE / Open Bank Project, ​said that this hackathon comes at a particularly exciting time given the EU’s new open banking regulations. “A hackathon is a great way of gathering and focusing fresh perspectives and we’re excited to meet and support the up-and-coming innovators who have the vision, passion, and capability to rapidly deliver compelling fintech apps and services using Open Banking APIs,” Redfern added.

The Open Bank Project has partnered with a number of global banks, including Societe Generale and The Royal Bank of Scotland, to help them organize and execute successful hackathons. With new PSD2 guidelines in place, banks may be more likely to open themselves to new opportunities and feel more pressure to create and adopt new, innovative services.

Headquartered in Germany, the Open Bank Project was founded in 2005. At FinovateSpring 2013, Redfern demonstrated a fun application of open banking– the world’s first singing bank. The point of the demo was not the singing bank itself, but rather was intended to showcase the ease of use of the Open Banking Project’s API. At FinovateEurope this March, TESOBE’s Open Bank Project will demo its newest technology from stage (register).

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.