NAB partners with AWS, global open finance banks

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Australia’s NAB has partnered with Amazon Web Services (AWS) and three other global banks in an “open global financial challenge” to prototype new digital banking services on a global scale.

Through this initiative, participating teams can choose to develop solutions that better serve businesses, improve access to digital banking services, and help customers make better climate and sustainability decisions.

NAB said the solutions would address some of the financial services industry’s most pressing challenges, cultivating an open financial ecosystem that enables secure sharing of data between financial institutions while allowing banks to provide more choices and offerings. of personalized products.

Banks, including Canadian CIBC, Brazilian company Itaú Unibanco and UK group NatWest, have collaborated with Oolys, an API (application programming interface) infrastructure platform for financial service providers, to develop a sandbox environment that runs securely on AWS.

This environment replicates a bank’s existing infrastructure, allowing rapid testing with third parties in a safe and secure environment.

To facilitate application development, each bank will provide a set of shared APIs, comprising a combination of open banking, open finance, and experimental services. Participating teams can test, build and validate solutions, with the mentorship of leaders within banks and event partners.

AWS will also work with the four banks to provide attendees with advisory support to help them develop their concepts ahead of the judging event, which includes access to coaching and resources on innovation and product development.

The top 12 teams will present their ideas to a jury made up of CEOs from all four banks, as well as leaders from private equity, venture capital and technology organizations.

“A competitive and innovative financial services industry is essential to ensure great outcomes for clients, with opportunities for innovation and the establishment of new business models,” said Ross McEwan, CEO of NAB.

“Collaboration between established financial service providers, big tech and fintechs has never been more important as we respond to rapidly changing customer needs and expectations. This event will open up new ideas, tapping into a global talent pool, which could bring significant benefits to our clients, ”he added.

The launch of the challenge comes at a time when NAB is strengthening its cloud and engineering capabilities. For example, it worked with Contino, a consulting firm, to migrate 30 on-premises applications to the public cloud in 50 days without compromising compliance, security or regulatory requirements.

Werner Vogels, CTO at Amazon, said: “Financial services companies around the world are undergoing rapid digital transformation. By encouraging builders and crowdsourcing new technological ideas, these forward-looking banks that meet the global challenge of open finance will be able to develop new technologies to meet people’s rapidly changing banking needs ”.


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