Backbase, the omni-channel digital banking platform leader, and eWise, the financial data aggregation specialist, announces today their partnership via the Backbase Open Banking Marketplace. The Open Banking Marketplace is a Backbase initiative that offers clients the option of selecting from numerous best-of-breed applications to integrate into the Backbase digital banking environment.
eWise Aegis data aggregation platform is now available to integrate within the Backbase digital banking platform. The new integration will enrich digital banking experiences and help consumers and businesses get a full picture of their financial health.
Backbase delivers an API driven architecture, enabling financial institutions to be ready for the future of banking. The Backbase digital banking platform ensures European Payment Service Directive 2 (PSD2) readiness in the digital channel by delivering the tools to accelerate PSD2 projects, from the consumption side such as delivering multi-bank account aggregation capabilities to the API delivery side by delivering open APIs, with proper security controls.
eWise is integrating its patented Aegis data aggregation platform into the Open Banking Marketplace, fulfilling Backbase’s vision to provide a truly comprehensive digital banking experience to end-users. The Aegis platform allows consumers to aggregate, manage and share their financial accounts from multiple institutions. Consumers can access all their bank accounts, investments, pension funds, utility providers, credit cards and loyalty programs on one screen. The eWise Aegis platform gives developers the tools to connect to all of their users’ bank accounts simply and is designed to be fully compliant with PSD2 regulatory requirements. Aegis is a hub for financial data aggregation that can be quickly integrated within existing Backbase banking platform.
Considering the scope of PSD2 XS2A and its projected implementation timetable along with its specification principles, it is apparent that XS2A only offers access to payment accounts, namely the end-users basic current account and credit card. With the average consumer and small business customer possessing a broad range of financial services products including current accounts, credit cards, personal loans, leases, insurance, ISAs and various other investment and credit accounts, the scope of PSD2 XS2A initiative might leave some of the users feeling underwhelmed when it comes to providing them with innovative, convenient and value-added services driven by a truly comprehensive picture of their financial relationships.
David Hamilton, CEO of eWise, said “Through integrating the eWise Aegis platform into the Open Banking Marketplace, we can further help financial institutions to transition to PSD2 and Open Banking and manage multiple financial data channels: Direct & In-Direct channels. Direct Channel API will be provided by financial institutions according to PSD2 and aggregates payment account data, whereas In-Direct Channel aggregates only out-of-scope accounts to complete the picture, such as investment accounts. The eWise Aegis platform offers a global approach to easily connect all of the users’ accounts.”
“By adding eWise Aegis platform to our Open Banking Marketplace, we are able to offer European, Asian and Australian financial institutions a powerful account aggregation solution to upgrade their digital banking platform.” Said Jouk Pleiter, CEO & Co-Founder of Backbase.
A leading international provider of Financial Data Aggregation API and Money Management solutions. eWise has delivered award winning solutions to many of the world’s most innovative financial services brands including Retail Banks such as HSBC and Westpac, and to wealth management firms and FinTechs. Founded in 2000 and headquartered in Switzerland, eWise has operations in Europe, Asia and Australia. eWise holds patents in the United States, the Asia-Pacific and Europe.
Backbase is a fast growing fintech software provider that empowers financial institutions to accelerate their digital transformation and effectively compete in a digital-first world.
We are the creators of the Backbase Omni-Channel Banking Platform, a state-of-the-art digital banking software solution that unifies data and functionality from traditional core systems and new fintech players into a seamless digital customer experience.
We give financials the speed and flexibility to create and manage seamless customer experiences across any device, and deliver measurable business results. We believe that superior digital experiences are essential to stay relevant, and our software enables financials to rapidly grow their digital business.
More than 80 large financials around the world have standardized on the Backbase platform to streamline their digital self-service and online sales operations across all digital touchpoints. Our customer base includes HSBC, ABN AMRO, Barclays, CheBanca!, Credit Suisse, Fidelity, Hapoalim, HDFC, Hiscox, ING, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.
Industry analysts Gartner, Forrester and Ovum recognize Backbase as an industry leader in terms of omni-channel banking platform capabilities, and award the company high marks for its deep focus on customer experience management and unparalleled speed of implementation. Forrester named us a leader in the Forrester Wave for Omni-Channel Banking and Ovum nominates Backbase as the market leading provider of next-generation digital channel banking platforms.
Backbase was founded in 2003, is privately funded, with headquarters in Amsterdam (HQ Global) and Atlanta (HQ Americas) and regional operations in London, Cardiff, Mumbai and Singapore.