DBS Bank Taiwan (星展銀行) yesterday launched application programming interface (API) solutions for corporate clients to provide them with new and improved financial and non-financial services.
Although its Singapore headquarters in November 2017 launched the API developer platform with 155 APIs covering 20 categories such as funds transfers, rewards and real-time payments, DBS Bank Taiwan is taking a more cautious approach and is introducing only three APIs.
Open banking is a system that provides users with a network of financial institutions’ data through the use of APIs.
Photo: Kao Shih-ching, Taipei Times
The three APIs would enable corporate clients to offer improved services, as they could streamline work, informational and transactional flows, DBS Bank general manager Lim Him-chuan (林鑫川) told a media briefing.
“Nowadays, many banks offer digital banking services, which might make consumers confused when they are visiting Web sites. However, with DBS’ APIs, corporate clients will be able to check the firm’s bank balance or transaction records on the firm’s accounting system,” Lin said.
The other two APIs would help companies provide real-time payments and faster transfers, Lin said.
The bank said it is working with local corporations in multiple industries — including insurance, e-commerce, gaming and retail — to improve their customer experience.
The API solutions would integrate banking services to enable corporate clients to partner with DBS Bank for improved business productivity and cocreate innovative digital solutions for their end customers, it said.
In cooperation with airports and airlines, insurers could use APIs to check if a consumer’s flight has been delayed or if their luggage is lost, it said.
DBS would help the insurer offer claims to their customers and pay directly into their bank accounts, executive director Sylvia Tao (陶曉昀) said, adding that the bank would introduce more APIs into the nation as demand increases.
The bank is also looking for opportunities to cooperate with companies in non-financial sectors to expand its business, Lin said.
DBS has been promoting the open banking concept and was last month invited by the Financial Supervisory Commission to join a committee to help update regulations, Lin said.
DBS Bank Taiwan is the only foreign bank on the committee.
DBS has been stepping up collaboration with governments, partners, fintech firms, start-ups and other members of the ecosystem to make banking simpler and seamless for customers through the use of partner APIs, it said.
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