Nationwide today announces it is investing in BankiFi, a business banking technology provider that uses open banking to provide a suite of business microservices which plug into banking infrastructure through APIs.
The technology means that providers like Nationwide, who will be launching its own business current account, can offer additional services to businesses as part of the account, such as accounting, invoicing, payments, VAT submission, lending and banking services.
Although the cloud has certainly been around longer than any of us – and I enjoy a glimpse into infinity every time I fly - when we use the word these days in a business setting, we do refer to a real – yet intangible – environment where we host and share technology and data. As early as 1989 Apple set up a project to look into the next generation of computing whereby consumer electronics companies, computer and telecommunications companies had to collaborate. This resulted in a spin-off in which Andy Hertzfeld played a huge part and a few years later he wrote the now famous words on his invention Telescript: “The beauty is that now instead of just having a device to program, we now have the entire Cloud out there, where a single program can go and travel to many different sources of information and create sort of a virtual service.”
Fast forward to the early years of 2000 when large enterprises started to explore cloud benefits. Needless to say, banks were not amongst the first movers. Risk averse and tightly regulated by parties, who for many good reasons are not normally known for breaking frontiers either, we cannot blame them. Yet, soon we saw banks starting to move non-customer centric or lower risk functions to various forms of private, hybrid and later public cloud.
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