Emirates NBD is preparing for a new era of Open Banking and fintech collaboration with the debut of its API sandbox.
The introduction of the sandbox environment is part of a AED1 billion investment commitment by the bank.
The platform, developed in concert with Virtusa, consists of over 200 APIs and 900 end points covering retail, corporate and SMEs. Developers also have access to over three million simulated customer transactions based on the BIAN (Banking Industry Architecture Network) model.
Abdulla Qassem, group ghief operating officer at Emirates NBD, says: “The open banking sandbox environment will be a game-changer and will enable, simplify, and accelerate innovation for the bank’s employees, and partnerships with fintechs, start-ups, creative developers, academia and SMEs, ensuring faster speed-to-market on digital banking products and services."
So far, he says, four fintech startups have taken their first steps in the sandbox to create proof of concepts on the bank’s platform.