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TESOBE’s Open Bank Project Powers API for Banking Startup

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

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

Thanks to the Open Bank Project, the 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.