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News > Fintech

Report highlights Fidor's use of open APIs

Jordan Williams | 07:28 Wednesday 9th May 2018

Fidor Bank has been recognised as one of the pioneers in the use of open APIs in banking, according to a new study.

A report by Celent – APIs in Banking: Unlocking Business Value with Banking as a Platform – has acknowledged Fidor for its innovative and differentiating customer experience.

Celent had previously named Fidor as Model Bank of the Year 2015.

The report highlighted Fidor's commitment to collaborate through APIs, demonstrated in five ways:

1. open APIs for marketplace ecosystem
2. open APIs and sandbox for educational purposes
3. open APIs for cryptocurrency
4. open API for incumbent banks and consumer-led organisations
5. open API for B2B fintech partners

Patricia Hines CTP, senior analyst of corporate banking at Celent, said: “Fidor states that it is the oldest fintech, and its early adoption of an Open Banking approach makes it the most experienced bank in building APIs.

“The bank counts today hundreds of available APIs that enable the creation of new revenue models and business concepts.

“Fidor is redefining the customer experience by taking advantage of architectural openness, partner ecosystems and a community focus.

“With a focus on innovation and years of experience operating as an open bank, Fidor created the first direct-to-consumer marketplace providing over 50 fintech, insurtech and tradetech offerings to its customers.”

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