BBVA API Market
Pablo Junco, Strategy manager of Microsoft, says in this interview that the banking industry is the sector most interested in Blockchain. The combination of APIs and block technology results in savings in costs and transaction times, among other services.
He stresses that APIs are critical for success. “APIs allow us to reach a mass of people, a kind of customer that we had not originally considered, and thus continue to make progress”.
Like BBVA, Microsoft is committed to APIs and to opening them to third parties. In the case of BBVA, they are driven through its open platform, which offers its financial APIs to help companies, startups, customers and developers who want to improve or transform their products and services or create new lines of business.
This commitment to innovation is also firm at Microsoft, through open platforms and Blockchain. For example, using Azure BlockChain as a Service (or Azure BaaS) -with multiple Blockchain partners as smart contract platforms) like Ethereum, Eris and Tendermint-, the R3 consortium has created a peer-to-peer distributed ledger to connect banks.
Don’t miss Pablo Junco’s views on APIs and blockchain technology in the interview below.
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Banks have accelerated their digital transformation as a result of the COVID-19 pandemic. In this new ecosystem, open banking and integrated finance are booming, facilitating banking operations and improving the customer experience.
You no longer need to go to a bank branch to open a bank account. APIs allow you to complete this and any other banking operations without leaving your company's own platform, with a fully integrated experience.
Bank accounts are one of the most popular products taken out by Spanish citizens. Open banking is helping to further generalize this product among the population by offering digital accounts on third-party platforms. An incredibly attractive option with a number of advantages over traditional checking accounts.