Bank of Cyprus embraces “Open Banking”

Bank of Cyprus, is today making its own contribution to the shift towards an API Economy by embracing the concept of Open Banking.

According to a press release, the Bank is making available to interested parties functionality of its core banking systems in the form of Application Programming Interfaces (APIs), in a secure manner, in line with the PSD2 Directive and in accordance with industry best practices and standards.

Through these tools and technologies, the Bank extends its banking ecosystem enablingthird partysolution providers to integrate apps and services and to focus on what matters the most – creativity and innovation in defining the new digital banking experiences of the future, for the benefit of the Bank’s customers and the economy.

As a starting point, developers and other interested parties are invited to visit the SandBox Developers portal (sandbox.bankofcyprus.com) where they can sign up and freely test the functionality of the Bank of Cyprus API offerings.

Once insight to the range of APIs offered and the components useful to build their apps and services,is gained, developers will be able to integrate and test their solutions with their chosen API functionality.

To reach actual customers, third party solution providers are then required to register with the Bank and obtain access to the API Store Developers portal (developer.bankofcyprus.com).

This will enable them to interact with live Bank systems;access authorized account information and eventually conduct payments on accounts on behalf of consenting customers.

Christodoulos Patsalides, Deputy CEO & Chief Operating Officer says in a statement:

“We openly invite the local as well as the international developer community to explore our offerings. Integrating your digital offerings with Bank of Cyprus APIs can greatly enhance your solutions and services as it will enable you to tap into the largest customer base of any financial institution on the island.Our platform combines the scale, customer reach, knowledge, dedication and experience of the Bank of Cyprus brand, making it an ideal Launchpad for your ideas to flourish.”