One of the global leaders in open source technology brings its portfolio to help financial institutions innovate faster, manage IT complexity and reduce risk.
THE Red Hat, Inc. was one of the highlights of CIAB 2019 with its entire portfolio for the financial market. During the event, which took place from 11 to 13 June in So Paulo, the company presented its main solutions focused on open banking, an open and collaborative model in which customer banking data is securely shared between financial institutions and other companies through digital programming interfaces (APIs) to provide enhanced functionality and create new services.
The concept of open banking is on the rise in the Brazilian market. The Central Bank, the country's financial regulator, estimates that the model will foster increased competition within the sector and provide cheaper, better quality services to clients. For this reason, I have already stated that I want to define only basic guidelines for system deployment. It is up to the institutions themselves to create more detailed operating rules through self-regulation.
The foundation for expanding open banking is open source technology. The model basically consists of a set of Application Programming Interfaces (APIs) that allow data flow between applications in a controlled manner. Due to recent technological advances in the Integration, Big Data and Analytics platforms, especially as a result of the open source movement, APIs are receiving more attention and are seen as a way to improve and make financial services safer for both consumers. retail and corporate customers, explains Boris Kuszka, Director of Solution Architecture at Red Hat Brasil.
The benefits of open banking are substantial: improved customer experience, new revenue streams and a sustainable service model for highly competitive markets. In addition, using open source tools, the model enables you to innovate faster, minimize IT complexity and risk. Using open technology, including APIs, containers and hybrid cloud, financial institutions can reduce the application development phase to hours, standardize their own platforms, save resources and grow business, says Kuszka.
Collaborative universe
Some of the possibilities open source brings to the market will be discussed during a special panel on public-business collaboration between companies and individuals during CIAB 2019. On June 13, Boris Kuszka attended the panel that was mediated by Cristiano Barbara Gomes, superintendent Santander Digital and Corporate Architecture.
The panel, which took place in the F2 auditorium of the Transamrica Expo Center, addressed how open source collaboratively developed between companies and individuals. The panel also had as its main themes the triggering of increases in innovation capacity, high cost reductions in computing, storage and transmission of information. Open source allows you to create a differential with digital engagement, as well as streamline the transactional process and thus stand out in the economics of APIs, says Boris Kuszka.
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