Integrating Open APIs into operational systems helps businesses save a lot of costs
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Open Banking can be described as an open system consisting of three main entities: banks, third-party service providers (including Fintech companies), and customers. By allowing third-party service providers to access customers’ financial data with their consent through Open API connections to the banking system, Open Banking enables the development and provision of modern, cost-effective, and convenient financial services for customers, especially businesses.
“For example, when our corporate customers want to make a payment to a supplier, instead of having to fiddle with the bank’s Internet Banking to make the payment, they just need to make a journal entry in their internal system, and that journal entry will automatically be transferred to the bank’s system. So, the company’s staff doesn’t even need to know what the bank’s Internet Banking interface looks like. Or, for instance, we connect with ecosystems that have a wide network in supply chains, such as Logistics, F&B, and Retail, with OCB acting as the financial platform to handle payment transactions and financial management for customers, from businesses to individuals,” said the OCB leadership representative.
Integrating Open APIs into operational systems helps businesses save a range of costs, including technology infrastructure costs, software development costs, and especially reducing risks in the operating process. Additionally, system maintenance becomes easier when APIs are provided and maintained by professional service providers, i.e., banks. Moreover, businesses can optimize personnel costs by reducing dependence on internal programmers to develop new features and instead focus on core strategies for product development, market research, and customer management.
As of now, OCB has surpassed 200 Open APIs, with a powerful processing capacity of over 6 million transactions per month, ready to integrate and meet the diverse needs of partners from various industries. Moving into 2025, to make Open Banking a core solution and achieve the goal of more than 200% growth in corporate customers connecting and using Open APIs, OCB will focus on several key actions, including: building a seamless connection system to facilitate businesses’ access and integration of financial services into their systems; optimizing and enhancing the customer experience by providing flexible, fast, and accurate banking services; and expanding connections with partners, Fintech companies, and technology platforms to develop new financial applications, thereby creating value-added services for corporate customers.
In addition to making Open API solutions a standard in providing financial services to corporate customers, OCB always ensures that APIs are developed on a highly secure platform, meeting the optimal data protection requirements of customers, especially complying with current security standards and legal regulations, creating a safe and transparent environment for customers.
When using OCB’s Open API services, customers will be provided with detailed documentation and training programs to quickly familiarize themselves with the product. This also opens up many opportunities for cooperation between OCB and partners and Fintech companies to develop and optimize Open API solutions.
OCB sets a target of 200% growth in corporate customers using the Open API solution in 2025
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“In fact, OCB is one of the banks that has been and is investing a significant amount in digital transformation activities. We expect Open Banking to be the biggest differentiator for the bank. By the end of 2024, the number of customers connecting to Open API with OCB increased by almost 2.5 times compared to 2023. Especially in 2024, the number of new partners increased by almost twice the total cumulative number of previous years, an impressive figure contributing to a CASA ratio of over 30%. It can be said that this is a very solid foundation for OCB to set a target of 200% growth in corporate customers using the Open API solution in 2025. We have great faith in Open Banking as it presents a significant opportunity for OCB to take the lead and make a distinct difference in the market”, shared the OCB leadership representative.
It is known that OCB is currently building a research and development center for Open Banking Hub (OBH) products, applying advanced technology and algorithms to analyze data from Big Data. This helps the bank better understand customer behavior, preferences, and needs, thereby building and adjusting personalized products and services. In addition, OCB continuously invests in and upgrades its technology infrastructure to meet the requirements of Circular No. 64/2024/TT-NHNN – Regulations on the Deployment of Open Application Programming Interfaces in the Banking Industry, ensuring the efficient and secure implementation of Open APIs.
– 07:10 26/03/2025
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