Matrix Open Banking Hub

The open banking revolution has introduced competition into the banking services market, and transferred the control of financial information from the banks to their customers. Today, bank and financial institution customers are allowed to share their banking history and personal data with a third party, such as a fintech company. Opening access to financial information enables consumers to benefit from healthy competition in the market, and access a wider selection of financial solutions, including loans, investments and savings products. As this market trend accelerates, we have developed a unique open banking solution for our customers: the Matrix Open Banking Hub.

The Hub is intended for all consumers of financial information, and enables them to use the banking information and/ or ratings of their customers in order to improve the terms and conditions they offer. It is a consistent, centralized service that enables financial entities to get the information they need within a short TTM, through API interfaces that are based on the Berlin NextGen PSD2 standard, without having to invest in the integration processes required of each distinct information provider. In this way, Matrix’s open banking solution saves financial institutions from dealing with complex bureaucracy, and enables them to concentrate on developing financial services for their customers.

The solution facilitates a process of consuming financial information through a unified, ready-to-use interface. This is an ongoing service, with adjustments to changing standards and data security and privacy audits carried out for customers, as needed.