OBCONNECT offers an open banking platform that enables secure data sharing and payment instruction services for financial institutions. This technology enhances operational efficiency and improves customer experiences by streamlining access to critical banking data.
Funding
$3.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face challenges in securely sharing data and processing payments while also needing to comply with evolving Open Banking regulations. Traditional systems often struggle with legacy infrastructure, leading to inefficiencies and increased fraud risks. This creates a need for solutions that streamline data access, enhance security, and ensure regulatory compliance.
Solution
OBCONNECT provides an Open Banking and Confirmation of Payee (CoP) platform that enables secure data sharing and payment initiation services for banks, financial institutions, and corporates. The platform offers a suite of solutions, including Confirmation of Payee, Verification of Payee (VoP), Open Banking compliance architecture, and TPP software for corporates. By leveraging a modern, API-driven technology stack hosted on robust cloud platforms, OBCONNECT simplifies complex processes, drives operational efficiency, and enhances user experience. The platform's CoP functionality cross-checks recipient names during payments to reduce fraud risks, while its Open Banking compliance architecture allows banks to expose data and initiate third-party payments securely.
Target Audience
OBCONNECT primarily serves banks, financial institutions, and corporates seeking to streamline Open Banking compliance, enhance payment security, and improve operational efficiency.
Features
- Confirmation of Payee (CoP) service to cross-check recipient names and reduce payment fraud
- Verification of Payee (VoP) service to enhance payment security
- Open Banking compliance architecture for secure data exposure and third-party payment initiation
- TPP Software for Corporates to service corporate customers via pay-by-bank
- API-driven architecture for seamless internal and external connectivity
- Cloud-based platform ensuring reliability, scalability, and advanced security measures
- Solutions designed without transaction or volume-based fees