RBC has become the first Canadian bank to open up some of its tech systems to third party developers.
The bank has launched an API (Application Programming Interface) developers’ portal, which will allow eligible, external software developers, industry innovators and clients to link with select functions.
With financial institutions facing growing threats from technology-based disruptors, the move sends a clear message that RBC is open to collaboration with innovators.
Initially there will be five areas opened up to developers.
- Credit card catalog API – Provides access to credit card rates and fees through a business-oriented interface. These values are organized in terms of line of business, product family, and individual products
- Minimum down payment API – Calculates the minimum down payment required for a given purchase price of a home
- Branch locator API – Accepts postal code or keyword search term and returns the address and hours of operation of the closest branch, or a list of the closest branches
- Amortization schedule API – Calculates the number of payments associated with a mortgage amount, amortization period, interest details and payment details
- Safety deposit box inventory API – Provides safety deposit box information at a specified branch
"Across other industries we've seen the transformational effect of APIs," said Sumit Oberai, Senior Vice-President, Digital Technology, RBC. "By providing external developers, industry innovators and clients with access to select RBC APIs, we have the opportunity to increase connectivity, create new tools and experiences for clients, and enable open and innovative collaboration to improve the future of banking."
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