Open Bank Project collaborates with Red Hat to Deliver Next Generation Open Banking Solutions

The leading provider of open source API solutions for banks joins forces with a leading enterprise software company to help banks embrace open banking

SYDNEY, Australia, Oct. 21, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – The Open Bank Project, the leading open source API solution for banks, today announces a new API offering dedicated to the banking and financial services sector in collaboration with Red Hat, the world's leading provider of open source solutions.

Open Banking, as the provision of open APIs by banks is now known, leverages an ecosystem of third-party apps and services to enhance and enrich the customer experience and can help satisfy regulation such as the revised EU Payments Service Directive (PSD2).

The Open Bank Project™, led by Berlin-based software company TESOBE™, is designed to address these issues. Offering institutions a rapid route to market by providing a broad catalogue of pre-packaged APIs and an open API middleware stack designed for banks, TESOBE also provides access to a global community of FinTech developers working with banks to enhance each bank’s service offerings. Using Red Hat® Fuse and Red Hat’s rule engines, the Open Bank Project can connect and orchestrate disparate banking systems and deliver interoperability across various sources of bank data. The blend of open source technologies can simplify connectivity for banks while enabling end users to benefit from the use of engaging applications designed to improve customer experience both for consumers and corporate clients.

Simon Redfern, TESOBE CEO and founder of the Open Bank Project, says: “We are delighted to work with Red Hat to help banks accelerate their Open Banking journey. Red Hat and TESOBE share a strong commitment to open source and I’m excited to see these  technologies working together. The collaboration we have today can offer a valuable opportunity for banks to help reap the benefits of Open Banking.”

Rich Feldmann, Red hat global director, financial services, says: “As open source continues to be a part of the financial services and banking industry, it is important to have standards and projects in place to help enable it to be used properly and remain compliant. This is why we are happy to collaborate with TESOBE’s Open Bank Project to help provide technology tools and guidance to enable success in open source banking.”

Financial Institutions wanting to learn more about the Open Bank Project / Red Hat cooperation can request a demo or download the solution brief at the following link:

TESOBE is the Berlin-based software company behind the Open Bank Project™, the leading open source API and App store for banks, empowering financial institutions to securely and rapidly enhance their digital offerings. TESOBE assists banks in executing effective API strategies by providing a proven API technology platform supported by an active community of developers and partners. TESOBE consults banks on API strategy, integration, digital transformation and associated regulation, as well as runs hackathons and other innovation programs for banks.

Red Hat is a trademark or registered trademark of Red Hat, Inc. or its subsidiaries in the U.S. and other countries.

Sales Inquiries
Stuart Coleman
TESOBE / Open Bank Project 

Media Inquiries
Elena Trpevska
TESOBE / Open Bank Project
+49 (0)30 8145 3994 

Stuart will be present at Sibos. Find him at the Red Hat stand.