UK-based Tribe Payments rolls out Open Banking APIs

By Megha Bhattacharya

UK-based payment technology providers, Tribe Payments today announced the release of Open Banking APIs in partnership with Open Banking Europe. The development will allow the FinTech’s clients to leverage Open Banking without the need for creating their own APIs.

The FinTech stated that its Open Banking APIs allow banks and FinTechs to initiate data and payment requests within their existing online or mobile payment flows. The APIs also connect TPPs (Third Party Providers) with Tribe’s clients to process that request.

“Open Banking promised to create competition in financial services and make way for a new wave of consumer-oriented products,” said Alex Reddish, Chief Commercial Officer at Tribe Payments.

“However, it has been difficult for fintechs to embrace it because of the investment and resource required in developing APIs. Tribe has now done the hard work so that others can use Open Banking for payments without needing to develop APIs themselves. The APIs will help create a new level playing field, driving competition and igniting innovation, just as Open Banking set out to do.”

In an interview with IBS Intelligence, Alex Reddish, CCO of Tribe, revealed that the FinTech intends to use its position in the payments ecosystem to embrace Open Banking and its opportunities within data aggregation.

Tribe Payments said that its Open Banking APIs are divided into two groups- Initiating request for payment and Inbound processing of TPP request. The first type of APIs offer extended permissions to initiate payment or data requests from banks or TPPs. The second variety allows TPPs to connect to Tribe’s clients and initiate requests for payment or information.