Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

CGI launches CGI Open Finance to power and extend the new banking ecosystem

CGI launches CGI Open Finance to power and extend the new banking ecosystem

CGI (NYSE: GIB) (TSX: GIB.A) is pleased to announce the launch of CGI Open Finance, a solution built for the next wave of digital banking and designed to empower banks to reap the benefits of the open API economy, as well as address the challenges of open banking.

Open banking, whether driven by competition or regulation, is breaking up the traditional banking value chain, opening up the global banking industry, and profoundly changing the dynamics of the banking market. Despite the challenges this presents, CGI sees it as a great opportunity for collaboration. By leveraging CGI Open Finance, traditional banks, with the advantage of their strong reputations and longstanding customer relationships can now look to develop new value propositions and revenue streams through partnering with CGI and FinTechs.

“CGI Open Finance is modelled on our successful partnership with a leading multinational which was looking to design, develop and launch a new API-based bank said Frederik Evrard, Vice-President, CGI in Luxembourg.

“We are excited about the opportunities it offers our clients. By incorporating the latest technology and architecture with CGI’s deep banking expertise in open banking and the open API economy, we believe CGI Open Finance can transform the industry.”

CGI Open Finance is a complete solution for open banking, enabling the integration of traditional banks and their product-centric applications with FinTechs through an API and orchestration layer. More than that, CGI Open Finance supports the much wider set of non-functional requirements needed to operate an industrial strength, secure and resilient platform required for the new world of banking. It not only facilitates close collaboration with third party providers (TPPs), but also enables banks to become aggregators and provide the same services, driving real innovation. With CGI Open Finance, banks can maximize the benefits of open banking by offering new digital services and value-add partnerships to their customers.

Moreover, with its state-of-the-art open banking architecture, CGI Open Finance ensures complete compliance with the Revised Payment Service Directive (PSD2) for European financial institutions and, in the UK, compliance with the Open Banking Implementation Entity initiative in line with the Competition and Markets Authority (CMA). Its interfaces and non-functional requirements have been defined based on PSD2 requirements and leverage the power of APIs to open up the value chain for banks.

Overall, CGI Open Finance leverages a wide array of everyday banking functionalities out-of-the-box, including:

  • Secure APIs for PSD2, CMA, STET and Berlin Group transactions
  • Building blocks for the management of TPPs, including an enrolment portal, and consent management
  • Continuous integration platform for quality control, automated build and API testing
  • Sophisticated analytics and smart security
  • Access to API store
  • Billing and monetization options

CGI helps its clients realize their transformational agendas by bringing the latest thinking, innovation and technical know-how to the fore. As a trusted partner to banks across the globe, and with more than 40 years’ experience at the heart of the banking industry, CGI is well positioned to support clients in embracing the new market dynamics of open banking.

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now