How a Multinational Banking Corporation Accelerated Revenue With Akana

A multinational banking corporation needed to find a way to develop new revenue channels and optimize existing channels. And they realized they needed an API strategy.

They took a "disrupt or be disrupted" mindset. The bank needed to open up its banking applications for partners to use as a platform for innovation. They did it with Akana

Akana Helped the Multinational Banking Corporation...

Comply With Standards

Strengthen Security

Engage Developers

The Challenge: A Way to Automate, Innovate, Create

The bank needed a way to automate and innovate. And they knew the best way to do that is by working with customers and partners to co-create products. 

So, they looked for an API platform that could:

  • Automate their interactions with the bank to optimize efficiency.
  • Innovate to build new products using the bank’s core services.
  • Co-create to deliver new applications and products to the bank’s or their own customers.

Automate

The bank has thousands of suppliers. Many of those suppliers didn't have a way to automate their interactions with the bank.

For example, to exchange of transaction data, payment processing, credit management, etc.

Innovate

The bank wanted to innovate. But instead of the bank driving innovation, they wants to allow third parties (startups, strategic partners) to innovate.

For example, the bank partners with utilities to allow their customers to pay directly via the bank’s API.

Create

The bank wanted to work hand-in-hand with customers and partners to create new apps.

For example, a partner built an innovative mobile app that makes it incredibly easy to send money between friends.

These core business goals need to be enabled. At the same time, the bank experienced a rapidly changing regulatory environment. The bank is required to comply with international regulatory rules (including PSD2 in Europe and the Open Data Initiative in the UK). Both of these initiatives specifically require banks to open up access to account and customer data via APIs.

The bank enabled their goals — automation, innovation, and creation — with Akana

The Solution: Akana

They needed to go beyond API basics. The bank chose the Akana platform for:

  • RESTful design.
  • Security standards.
  • Operating model.
  • Legal framework.

This bank chose an on premises deployment option. This included a multi-layered, multi-environment approach to meet their security and operational requirements.

The Results

The bank selected the Akana platform because it offered the best combination of security and capability.

Strong Security

Akana can be deployed in different network layers. This keeps sensitive data and administration interfaces in secured internal networks. And it surfaces only developer and customer-facing data in less secure external network layers.

Easy Compliance

Akana can leverage Hardware Security Modules (HSMs) to externalize cryptographic functions. It can also key storage for compliance with standards like FIPS-140. 

Seamless Portal

Akana has the most flexible developer portal with the best user experience.

Overall, by selecting Akana, the bank was able to meet all its internal and external regulatory requirements. And they were able to get a much better solution to market faster.

The bank expects to see explosive growth in its API usage, driving significant evolution in the bank’s overall business.

Be Like the Multinational Banking Corporation

Ensure standards compliance, gain comprehensive security, and leverage a flexible developer portal to drive business forward. Just like the multinational banking corporation did. 

Try Akana free for 30 days and see how Akana can enable your business.

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