Intellect, recently extended its commitment to Open Banking and API-based Contextual Banking Standards through the global banking standards organisations, Banking Industry Architecture Network (BIAN) Membership. BIAN is a collaborative not-for-profit ecosystem formed of leading banks, technology providers, consultants and academics from all over the world, promoting and providing a common framework for the banking industry. It helps professionals across the financial services sector to lower the cost of banking, increase their speed to innovation in the industry, and boosts the banks’ activities by revisiting and navigating around their existing resources.

Arun-Jain-2“Intellect is pleased be a member of BIAN and it is an important milestone in Intellect’s efforts towards standardisation” said Arun Jain, Chairman and Managing Director of Intellect Design Arena Limited. “With digital considered a ‘given’ in this race, banks are looking beyond to provide their customers the ultimate experience by always being a step ahead of their expectations. The future of the sector is open banking and APIs, which help banks to pursue new distribution channels, while also finding new ways to improve the customer’s contextual banking experience. Intellect offers future-ready multi-product FinTech platform, which are built on API-first, microservices-based architecture, cloud-native platforms, powered by AI and ML. By contributing our expertise in building open banking and API- based banking architecture, Intellect will join with the other BIAN members in defining a standard framework for the next generation of contextual banking solutions.”

Hans TesselaarHans Tesselaar, Executive Director of Banking Industry Architecture Network (BIAN) said, “It is an exciting time to be part of the global financial services ecosystem, as we look to make the transition from open banking to open finance. This will completely revolutionise the way the consumer interacts with their finances and bring a multitude of benefits to the sector. We already know that our members will benefit immensely from Intellect’s experience in the open banking space, as we look to navigate the industry of tomorrow. We’re proud to welcome Intellect to our growing organisation and working with them both now and in the future”