MuleSoft accelerating the path to open banking

Open banking is a global phenomenon, transforming the fintech Industry with platform-based APIs. We take a look at MuleSoft's 'accelerator for banking'.

The open banking sector is already providing customers and SMEs with an impressively flexible service that helps them make the most of their finances. But as the digital banking sector expands, so has the world of websites and apps that offer new financial services and products, all of which are regulated by the Financial Conduct Authority (and their European equivalents). With the global pandemic, more and more companies are also changing the way they do business. They now require far more flexibility and scope when it comes to payment gateways and banking facilities. Read on to find out more about the latest offerings from MuleSoft.

What is MuleSoft’s ‘Accelerator for Banking'?

Accelerator for Banking is a family of API designs and supporting reference implementations that speed up the journey towards digital transformation. Drawing on its work with four of the top ten global banks, MuleSoft’s Accelerator for Banking provides a solid platform for implementing key Open Banking and PSD2 use cases. Accelerator for Banking includes pre-built APIs and prescriptive architecture that assist tech teams in the establishment and development of common banking applications. It also provides a base for accelerated project delivery.

What are the benefits of MuleSoft’s Accelerator for Banking?

First, Accelerator for Banking utilises and leverages Open Bank standards. It is also a secure and reusable reference architecture and extends to industry-specific end-points. Open Banking necessitates that banks construct digital platforms which expose their core capabilities, such as account aggregation as APIs. Conveniently, MuleSoft’s Accelerator for Banking already features several connectivity elements that function on these use cases.

The SaaS features case-led API designs, which include payments, account information and interactive API documentation. Accelerator for Banking is also built using RAML, which enables reuse.

Not only that, but Accelerator for Banking assists with implementation through convenient, ready-to-use templates. Clients can build their banking application network and store all the assets in an Exchange. Because the assets are reusable and easily recovered, they speed up the open banking journey.

How Accelerator for Banking can improve the open banking experience

Benefits of implementing this foundation include the modernisation of legacy systems; Accelerator for Banking can refresh and extend ageing systems through APIs, and construct future-proof architecture. It also unlocks data and accesses, aggregates and transforms essential information across organisational silos.