Grindrod Bank, a small local investment bank, is embracing technology to transform its banking services to respond to the needs of its customers and partners.
As part of its digital transformation path, the investment bank has adopted cloud
The latest transformative technology Grindrod Bank has employed has been its Open Banking API (public application programming interface).
Open Banking API enables third parties to develop new products and services through the use of APIs.
FinTech (financial technology) startups have been using this technology for some time and APIs lie at the heart of this explosion of digital innovation in banking and payments.
Grindrod bank is one of the pioneers in South Africa that is taking the initiative to embrace “open banking” API to provide greater customer choice for products and services.
The use of Open Banking API could add value to Grindrod banking customers as the bank makes certain functions and data available to both internal users and the outside world in a safe and secure manner.
Grindrod said its Open Banking API is a secure micro service built for its partners.
“This cloud solution enables third parties to integrate their systems with Grindrod Bank’s banking system,” Grindrod said.
It added that the API sandbox is a convenient way to understand the various request and response structures so that developers can more readily integrate their applications with the bank.
“By working with selected partners, clients are offered enhanced service and functionality when these FinTech’s integrate with our APIs,” says Andrew Turpin, the chief operating officer at Grindrod Bank.
“One case, in particular, has seen increased efficiency and convenience in the managing of Attorney Trust accounts as a consequence. In the end, our aim with technology is simply to equip our partners and agents to be able to offer the best service to clients.”
By working together and taking advantage of APIs, banks and FinTech firms can leverage their complementary strengths, enhancing the customer experience often by more than either entity could do on its own.
Grindrod is working on a
The company has recently celebrated the launch of the Open Banking API launch at its annual RE-IMAGINE HACKATHON in Johannesburg.
Turpin revealed that the event was attended by 14 FinTech startups, who were all building solutions to work with the bank’s Open Banking API.