Open Banking API Portal Connecting TSP to Bank Systems

There is a high barrier to developing fintech applications for accessing accounts of different banks because the bank clients can only use applications provided by banks to access their bank accounts. Also, it deters the introduction of innovative Fintech applications by third parties.

Modular architecture enables:

-Dynamic addition of bridge connectivity to new bank systems

-Dynamic deployment of TSP Fintech applications

Applies OAuth 2.0 authorization framework to enable bank clients to specify the scope of operations the API bridge portal can do with their bank accounts. Also, implementing the framework can allow bank clients to examine the list of deployed TSP applications and select the ones to subscribe.

Supports TSP applications in the form of Web or mobile phone application

• Enriches bank & Fintech innovation ecology through the inclusion of TSP developed solutions
• Empowers bank clients to better manage and utilize bank assets by accessing their bank accounts in all banks through the portal
• Enables close interoperation of bank system with other systems for greater application capability and scope
• Promotes collaboration between bank industry and Fintech industry

• Credit assessment on bank transactions
• Investment advising and execution service on bank account assets
• Mobile payment application with credit card recommendation powered by bank account information analysis

• US App. No. 17/858,508