Dubai-based bank Emirates NBD has launched an Application Programming Interface (API) sandbox, as part of an AED1 billion investment in digital transformation.
Abdulla Qassem, group chief operating officer at Emirates NBD, called the open banking sandbox environment “a game-changer” that will simplify and accelerate innovation for the bank’s employees, partnerships with FinTechs, startups, developers, academia and small businesses.
The sandbox is powered by Virtusa and enabled by the group chief investment officer Miguel Rio Tinto, following Open Banking Standards to ensure security and privacy for users.
The platform consists of over 200 APIs and 900 end points, covering retail, corporate and small to medium-sized enterprise (SME) banking. Developers also have access to over three million simulated customer transactions based on the Banking Industry Architecture Network (BIAN) model.
The bank’s chief digital officer Evans Munyuki confirmed that Emirates NBD has a very strict registration process covering compliance and security. So far, four FinTechs have already been on-boarded to create proof of concepts on the platform.
“We will now provide a lucrative opportunity and offer the right tools for enterprising FinTechs and developers to turn their creative ideas into real working prototypes which we then test with real customers, as opposed to showcasing ideas only as multipage documents and slides,” added Munyuki.
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