Pelican, an AI-payments and financial crime compliance platform, has further expanded its open banking API interoperability solution.
The product now supports six additional open banking API standards, including UK’s OBWG, France’s STET and the Berlin Group, together with the Czech ČSOB, and the Polish and Slovakian APIs.
Through the API interoperability solution, third-party provides can access PSD2 payment initiation and account information services. It also enables them to connect with financial institutions and implement any popular open banking API, regardless whether they are native TPPs or banks wishing to operate in an open banking ecosystem, it said.
Unlike other API aggregation hub approaches which limit financial institutions to only use a single API, Pelican API lets institutions to adopt any PSD2-compliant API and connect to all European banks, even if they use different API standards.
Pelican also claims to be attractive to banks wishing to internally standardise a single API but need to offer multiple API standards in order to reach a wider-European market. It is also useful to banks which have already published a specific API but want to offer others as well.
Pelican founder and CEO Parth Desai said, “With the expansion of our API interoperability support, Pelican will enable banks and TPPs to seamlessly reach 500 million potential customers across Europe through any of the popular PSD2-compliant APIs.
“The PelicanAPI Interoperability solution is part of the comprehensive Pelican Open BankingHub that delivers a true pan-European service, removing all the technical complexity of achieving multiple API support and connectivity to customers’ accounts. This allowsTPPs and banks to focus on delivering their core proposition to customers, while Pelican takes the pain out of connecting to multiple API standards.”
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