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
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.
