This week Finxact announced it has become an official member to the Open API Initiative. Finxact collaborates with the banking industry on an Open Banking API.
Finxact is building upon the OpenAPI Specification – OAS to develop an open banking API with its community. As a virtual core, third party services and banks’ existing systems plug into Finxact’s core processing rules engine and system of record through Finxact’s Open Banking API.
“The OAI and its growing board of members is excited to welcome Finxact to the workgroup. Finxact will be the first core banking provider to officially embrace our workgroup’s mission of openness, transparency and interoperability,” said Ole Lensmar, chairman of the OAI. “Finxact and its partners are making groundbreaking contributions that will enable banks and FinTech companies to interoperate freely and transparently using the OpenAPI Specification (OAS) as the enabler for their interactions.”
Read the full press release here.