Standard Chartered unveils new Open Banking marketplace

Ellie Duncan
24 Apr 2024

Standard Chartered has launched an Open Banking marketplace, providing a platform for both existing and prospective clients to discover, identify, and test APIs in a sandbox environment.

The new marketplace builds on an earlier iteration of the bank’s ‘aXess’ platform, which was launched in 2019 as part of a broader initiative targeted at the developer community to boost its Open Banking capabilities.

This new version has been designed to make it easier for corporates that want to partner with Standard Chartered, by allowing their developers to start coding and plugging into the bank’s Open Banking ecosystem, thereby speeding up the implementation process.

Standard Chartered’s Open Banking marketplace enables access to a suite of more than 100 “ready-built” API products, from cash and FX, to trade and securities.

On the platform, users can create a “project space” and conduct testing with their team in an “upgraded simulator environment”, allowing them to write and test production-ready code.

The marketplace also hosts use cases and client stories specific to each API product, to illustrate how Standard Chartered’s Open Banking solutions can provide “value-add” to businesses.

Mark Willis, Standard Chartered’s global head of API and Open Banking ecosystems, digital channels and data analytics, called Open Banking “a transformative force”, with APIs playing an important role in enabling corporates to build future-proof propositions in a digital economy.

“What is needed to further its adoption is a shift in focus towards a better user experience – one that is less technically focused and offers simple plug-and-play solutions.”

Willis added: “Accelerating on our commitment to drive innovation by partnering with developers, corporates and fintechs to embark on this transformation journey, we are excited to introduce our new and revamped Open Banking Marketplace that provides a comprehensive, user-friendly interface to help them make informed and timely decisions when assessing and implementing the use of APIs within their business environment.”