How SIBS Created New Customer Value With Open Banking

Open Banking with TIBCO_SIBS
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In heavily-regulated industries, regulations can often be a barrier to new business. But SIBS, a leader in payments processing and financial technology services in Europe, saw increasing regulations as a major opportunity and used that as a starting point to increase its revenue streams. 

SIBS provides financial, modern, reliable and secure services to more than 300 million users from different geographies, processing more than three billion transactions annually. That said, it needed the right technology to fuel its forward-thinking strategy to create a differentiated customer experience. Thus, SIBS leveraged Open Banking to delight customers and prepare for future requirements.

The company built a revolutionary API-led platform, the SIBS API Market platform, from scratch using TIBCO, changing the way two million banking customers and over two-dozen banks in Portugal do business. Additionally, it became a marketplace for all Portuguese banks and customers.

This innovation led to numerous positive business results; about 95% of all bank accounts in Portugal are made available to trusted third parties, 24 banks are consuming APIs from the open-banking platform, and nine million daily transactions are supported.

Additional benefits include:

  • Creating an Open Banking marketplace for the Portuguese economy where users can find new services and banks can share their apps
  • Staying ahead of regulations to lead the market by leveraging data with the help of a flexible, interconnected technology stack

SIBS API Market contributes to continuous technological advancement in the digital economy and towards a more cashless society. According to a recent study conducted by the European Banking Association, SIBS API Market is one of the top three most complete and comprehensive platforms, among more than 300 available. Moreover, in Portugal, all the members of the SIBS API Market were exempted by the Central Bank because they implemented a contingency mechanism that was compliant with the European requirements for safe communication with third-party providers.

Innovative companies, like SIBS, can stay ahead of new regulations to lead the market and provide new value to customers. This resulted in using cutting-edge, API-led technology to build the open-banking platform of the future, including an innovative open marketplace where banks and consumers can find and share new types of financial services.

To learn more about how SIBS created a best-of-breed solution to create a richer customer experience, see the full success story.