Nedbank API_Marketplace gets a global award

The Nedbank API_Marketplace has bagged a prestigious global award for Open Banking, a platform that is expanding and evolving the bank’s product offering at a rapid pace.

Nedbank is the first bank in Africa that successfully produced the first open-banking-aligned application programming interface (API) platform that complies to the second Payment Services Directive (PSD2). Nedbank has embraced the opportunity of the open banking wave that has been sweeping over Europe and the United Kingdom, with the view that these regulations will enter the South African banking system, but from an enablement and innovation standpoint to deliver better client value, products and experiences to its clients and partners. 

The Nedbank API_Marketplace is an easy-to-use, secure offering that enables approved partners to create innovative and disruptive solutions that puts the client's user experience first. Using Nedbank’s API_Marketplace-approved partners can leverage the bank’s data and financial capabilities to integrate with its standardised, secure and scalable APIs. 

Last year, API_Marketplace established itself as a core channel for Nedbank. The API_Marketplace team, together with the product teams, has made significant strides in scaling the uptake and product set. 

The initial minimum viable product was delivered by a core team from Nedbank’s Digital Fast Lane, which included accounts, client APIs, rewards, payments and personal loans for Nedbank clients. In 2019, this was extended to include personal loans for non-Nedbank clients, which has seen good uptake in 2020, as well as vehicle and asset finance and wallet APIs.  

API_Marketplace adopted the UK open banking standard along with PSD2 from the outset, and the bank believes this ensures that it is well placed not just to compete in an open banking or open finance context, but also to adhere to the potential regulations from regulators and position them to innovate with fintechs and third parties in the market. 

This year will see the addition of new products to the API_Marketplace offering, extending the bank's product offering based on demand from the market. The platform will also further evolve to cater for scale, improving the existing product features and functions as well the developer experience, which is crucial to the success of the platform.