SDK.finance has built API for KB (Komercni Banka, a subsidiary of Societe Generale) during the Hackathon organized by Startup Yard & KB, and integrated it into its framework. The banking coding event took place in Prague, March 24–26 and hosted 11 teams. SDK.finance won third place.
Having received raw bank data in CSV format, the team wrapped this data into the API and deployed it in Amazon Web Services' infrastructure. By means of which they enabled the third-party providers to access the bank’s data and develop innovative solutions on the top of the bank’s APIs. Such an approach in banking lays the ground for mutually beneficial relationships between banks, FinTech companies and non-bank digital disruptors. Banks in turn gain benefits such as reduced cost and time-to-market, and an opportunity to expand to services in other areas of banking and beyond.
CTO of SDK.finance Pavlo Sidelov said, “More than ever before, banks are in need of agile technological partners which can accelerate their digital growth. API is a recommended technical means by PSD2. In addition, it creates an ecosystem with multiple players and opens new revenue opportunities for banks.”
Komerční banka (a member of the Société Générale Group) is a universal bank providing a wide range of services in retail, corporate and investment banking. KB ranks among the leading banking institutions in the Czech Republic and in Central and Eastern Europe.
SDK.finance's solution combines a multi-product FinTech platform. The FinTech platform enables financial institutions, banks, and major merchants to decrease CAPEX 90% and launch financial products 5–10 times faster comparing to current industry standards. SDK.finance offers access to 90 APIs for transaction-related products. It enables developers of banks and other financial institutions to operate with client profiles management, business process management, accounts, e-wallets, invoices, payments, recurring payments, P2P money transfers, prepaid & mass payments. A number of back-offices for different business actors like CFO, compliance & anti-fraud are available from the box.