Platform
and Deploy

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BankiFi offers its technology off a consent centric platform with an expanding set of business micro services that enable banks to go ‘beyond an open experience’ promise with relevant offerings to their client base in terms of time, location and context. BankiFi consists of a data driven distributed banking model that allows financial service providers to manage, consume, distribute and monetise data through a suite of API driven micro services

Under the hood: a future fit consent driven platform

With BankiFi we enable banks to become the platform or TTPs (Trusted Third Parties), but at the same time, it also enables banks to attract fintech partners to work with them in a harmonised manner as consent management and API ‘normalisation’ takes place for all existing and future partners in the core BankiFi platform.

BankiFi stores and normalises the various ‘flavours of APIs’, so the integration effort for both parties is heavily reduced. Secondly, BankiFi takes away the complexity of having to manage consent from the fintech – an arduous task that does not come easily for many fintechs who’d much rather focus on building the core business value  technology of their proposition.  

Understanding the regulation is one, but the complexity of consent management is compounded when looking at business and corporate applications. The BankiFi platform can embrace the corporate market where authorisation schemes exist with multiple employees, different profiles, so consent management sits at the core.

Finally, being compliant today is not enough, PSD2 has its own set of requirements, and the GDPR regulation goes into an even more fine-grained consent model. So as banks become TTPs, BankiFi shields the bank from the consent management required in a GDPR context. It manages the data capture of the extended consent, i.e. right to access an account for that service but also the particular purpose of data use. Since GPDR fines will be huge, banks must protect themselves and ensure they can meet GDPR and any future data regulatory need in the TTP space too.

 

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Seamless transition from multi-bank ConsentBox to Bank APIs

The concept of a 'sandbox' is not new to banking, ranging from an idea factory type of approach to a dedicated lab environment whereby practices are shared before solutions are deployed.
 
The latter is the BankiFi ConsentBox, designed from both a developer's angle as well as the banks angle fuelled by experiences of working with a range of banks on CMA-9 and PSD2 strategies around account aggregation across a wide range of APIs in a multi-bank environment.

Furthermore there is a distinct lack of standards around APIs, so reuse of APIs once captured is key as well as offering developers an environment where they can have access to both non-bank as well as bank data in a ring-fenced manner. All these requirements can only be met through a universal sandbox.

Such an approach has an enormous strategic benefit to banks. By offering a ConsentBox that has multiple bank and non-bank APIs available from the banks developer portal, the bank creates a very "sticky" service for developers which becomes the cornerstone of the Bank as a Platform (BaaP) strategy.

Any bank that has this strategy can become the "go to place" for developers, enabling that bank to create a whole new customer segment and explore new business models around revenue sharing and product distribution.

Design principles

Visionaries in approach, realists in delivery, we opted for the following design principles: hardware is unreliable, network is flaky and software has bugs. So in a weird way we decided to embrace failure with built-in isolation, resiliency and elasticity and minimal storage and replication of data.

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Deploy in the cloud – winner takes all

The BankiFi business model is a native cloud managed microservices scenario with user subscription whereby the bank subscribes to BankiFi services based on the number of users. This set of consumable services has been designed so as to store as little data as possible outside the bank environment. BankiFi combines the core strength of the bank – customer relationships and a regulated environment – with the fast, agile development skills of a robust FinTech partner.

This combination knows three winners: the bank which generates new net income, acquires new business customers early stage and offers a relevant full cycle ‘open banking’ experience, reduced risk, lower cost of R&D and continuous integration.  Second the FinTech community who get an amazing developer experience and avoid the complexity of dealing with consent in their apps and thirdly the empowered customer who has access to relevant services and full data control through a trusted brand.