Indian IT giant Wipro has launched its Open Banking API (Application Programming Interface) platform that will help banks and financial institutions launch Open Banking initiatives.

According to the company, its API platform will also allow financial providers to create new forms of distribution channels and servicing capabilities, offer access to third-party application marketplaces, and adhere to regulatory standards.

Wipro vice president – service transformation Krishnakumar Menon said: “With over 15,000 open APIs in existence already, an increasing number of organizations are realizing the true potential of an open API ecosystem.

“Open Banking is disrupting the banking industry with new business models and an open innovation culture. Our platform is well poised to enable banks to embark on their Open Banking journey.”

The technology vendor further said that its single unified platform will support banks in setting up an API-enabled ecosystem, and will simplify the onboarding and integration of financial technology services.

The new platform is powered by IBM API Connect that helps create, run, manage and secure APIs and micro services.