Emirates NBD Debuts API Sandbox
Emirates NBD has announced that it has enabled open banking collaboration with the launch of its API (Application Programming Interface) Sandbox. This makes Emirates NBD the first UAE bank to introduce such a platform in the region, as part of the AED1bn investment it has committed to its digital transformation.
Emirates NBD’s API Sandbox, powered by Virtusa and enabled by the Group CIO Miguel Rio Tinto, follows Open Banking Standards that ensure the utmost security and privacy for its users. The platform consists of over 200 APIs and 900 end points covering retail, corporate and SMEs. Developers also have access to over three million simulated customer transactions based on the BIAN (Banking Industry Architecture Network) model.
The API Sandbox makes Emirates NBD more accessible to developers with API technology boosting the bank’s role in accelerating the region’s innovation ecosystem as well as creating increased for value for its customers and partners, while contributing to the economic growth of the region.
The bank has a very strict registration process covering compliance and security while ensuring alignment with potential partners’ goals. So far, four fintechs have been on boarded on the Emirates NBD API Sandbox to create proof of concepts on the bank’s platform.