TeamApt, a leading financial technology firm, has announced its collaboration with Open Banking Nigeria, a non-profit led by banking and financial technology industry veterans, to introduce open non-partisan Application Programming Interfaces (API) into its system, for enhanced service offerings, sustainable model for underserved markets, revenue growth, and customer satisfaction.
This announcement was made by TeamApt in a bid to consolidate its promise to deliver feature-rich omni-channel digital banking experience with a smooth customer experience for its clients who serve retail, corporate, small business and youth customer segments of the market.
“As we adopt the Open Banking Nigeria standards, we would be upgrading our Moneytor digital banking and Apt Tent switch solution for more secure, reliable and scalable payments that power digital banking and businesses with world-class support,” said Tosin Eniolorunda, CEO of TeamApt.
“At TeamApt, we are convinced that Open Banking will significantly turn around the rapidly growing digital payments system in Nigeria and accelerate the digital transformation of players in the banking and financial technology sectors.”
TeamApt services banks such as Fidelity, Sterling, Providus, Alat, Access, FCMB, UBA, and Wema, and their key products include Moneytor digital banking, Apt Tent switching, as well as Olympos POS and Merchant System capable of revolutionalising how banks, businesses and people pay, collect, grow and manage money.
Speaking on the partnership, Adedeji Olowe, spokesperson of Open Banking Nigeria, said: “Through the adoption of Open Banking Nigeria’s standard, TeamApt will be able to provide greater financial transparency options for accountholders in areas ranging from open data to private data.”
“As one of greatest concerns of financial institutions, security has been comprehensively designed right into the API standards of the Open Banking Nigeria. Its adoption by TeamApt will make them one of the few reference points in Nigeria’s banking and financial technology industries today.”
As a financial services term, “Open Banking” is a financial technology that refers to the use of Open APIs that enable third-party developers to build applications and services around the financial institution.
Open Banking Nigeria was established to drive the development and adoption of Open Banking standards in Nigeria for greater innovation in the financial ecosystem. The group encourages a system where banks can easily connect other APIs in the market in order to extend their service offerings by introducing native FinTech solutions in a plug-and-play manner
Providing digital banking solution and back office automation, TeamApt builds solutions and runs infrastructure for banks, businesses and people to manage their money in an effective and deeply integrated manner.