We are happy to announce that FinConecta has been selected as a FinTech50 finalist for the open banking and sandbox challenge presented by the FinTech Abu Dhabi team organized by Abu Dhabi Global Markets and KPMG. The challenge was to present them with a digital platform that would reduce both time to market and investments needed by financial institutions to create and offer open APIs to facilitate industry standardisation and the creation of innovative solutions, together with a sandbox for testing third party solutions.
We will showcase our platform in Abu Dhabi for MENA’s Leading Fintech and Financial Event taking place on October 21-23. FinTech Abu Dhabi 2019 aims to bring together global and local financial institutions, fintech start-ups, investors, regulatory agencies, and the business community to network, collaborate, and exchange expertise and knowledge in fintech developments in Abu Dhabi, the wider MENA region and internationally.
FinConecta enables open banking by providing the technology infrastructure to easily connect Financial Institutions’ core banking systems with third-party FinTech providers worldwide through one single integration. Our platform, 4wrd, uses a switch engine that seamlessly accelerates open banking and innovation by facilitating the integration of multiple 3rd party solutions. With 4wrd, FIs can launch solutions 10 times faster, significantly reducing time to market of new digital services. Additionally, FinTechs can deploy services worldwide with just one integration, leveraging the power of the ecosystem.
The platform is built on the foundation of the most modern and reliable technological infrastructure of APIs and ESB. It is a modular, flexible and scalable structure capable of supporting open banking models, where each component plays a specific role in the processing of digital services. The 4 components of 4wrd introduce a wide range of solutions that include an API Gateway and management tool that facilitates the integration of third party solutions, access to the only global fintech marketplace with more than 200 tech solutions, a secure Sandbox environment for validating fintech digital solutions using the financial institution’s core system’s test data, and the technological infrastructure to host all services securely in one place.
FinConecta is a global company with capital from the Inter-American Development Bank (IDB), The Venture City (private equity fund) and private investors.