EQIBank has created an open ecosystem where customers and EQIBank partners will benefit from a huge range of innovative products sets – delivered either directly from EQIBank or indirectly through third party leveraging EQIBank’s Banking as a Service “BaaS”.
EQIBank’s“plug-and-play” infrastructure is scheduled for 2019, so third-party producers can easily white label our products and services and connect to their consumers. This involves the secure and user-friendly exchange of data, including authentication and authorization data, to reduce transaction costs. EQIBank’s existing platform offers governance to maintain quality and trust among participants, as well as incentive structures so all users benefit from the value created.
The EQIBank platform has the potential to deliver several benefits that are only imperfectly realized in the current system. Customers can already manage all their global banking, exchange, custody and lending seamlessly to registered individuals and businesses. Our Channel Partners will be allowed to leverage this vast infrastructure and connect directly with other independent producers with minimal switching costs and conveniently assemble the components of their optimal products.
EQIBank, due to its global standing and multiple lines of business, gains better data and direct access to clients worldwide, thereby reducing marketing and onboarding costs whilst concurrently becoming increasingly valuable; as the rising number of transactions generates a steady stream of data and the increasingly rich platform identities provides unique ways to monitories big data (for example, global cross product and services data on corporate clients offers insights into the development of bespoke services for their subsidiaries, stakeholders and staff).
EQIBank is has all key enabling elements. First is ultra-cheap, universal and real-time payments. In order to attract a wide variety of global corporate and HNW clients, EQIBank has reduced the friction and support for complex multi-jurisdictional payments and multi- jurisdictional banking services required by the digital economy. EQIBank’s infrastructure is also robust enough to handle transactions from many diverse users and will shortly allow instantaneous settlement so these users have no need for sponsoring institutions.
EQIBank is committed to Open Banking Standards and its underlying regulatory framework under the General Data Protection Regulation and Payment Services Directive.
In Q4 2019, EQIBank will launch its Open Banking and APIs. We have adopted OBS standards that beyond the Technical Specifications but also include Customer Experience Guidelines and Operational Guidelines. It is designed to enable a well-functioning, successful ecosystem for EQIBank, where there are no barriers to the provision of products and services by TPPs. The Standard covers all EQIBank’s online payment accounts and includes the following core components:
READ/WRITE API SPECIFICATIONS
These specifications consist of technical documentation, usage examples and swagger files:
• Account and Transaction API Specification v3.1.2
• Payment Initiation API Specification v3.1.2
• Confirmation of Funds API Specification v3.1.2
• Event Notification API Specification v3.1.2
These profiles have been developed together with the Open ID Foundation and cover third party on-boarding, re-direct and decoupled flows:
• Dynamic Client Registration Specification v3.2.0
• Open Banking Security Profile Implementer’s Draft v1.1.2
• Financial-grade API – Part 2: Read and Write API Security Profile draft-06
• Financial-grade API – Client Initiated Backchannel Authentication (CIBA) Flow – Core 1.0 draft-02
CUSTOMER EXPERIENCE GUIDELINES
These guidelines bring together regulatory requirements and extensive customer research to help third party providers and account providers deliver a great customer experience and avoid any unnecessary delay or friction as required under PSD2:
• Customer Experience Guidelines v1.3.0
• Customer Experience Guidelines Checklist v1.3.0
These guidelines support account providers implementing effective and high-performing dedicated interfaces while assisting them in fulfilling their regulatory obligations relating to performance and availability, design and testing, problem resolution, and management information:
• Operational Guidelines v1.1.0
• Operational Guidelines Checklist v1.1.0