Standard Chartered Unveils New Open Banking Marketplace to Boost API Integration

In a significant development for digital banking, Standard Chartered today announced the launch of its Open Banking Marketplace, a robust platform designed to empower clients to explore and integrate application programming interfaces (APIs) more efficiently. This initiative marks a pivotal step in enhancing business-to-bank collaboration, offering both existing and prospective clients a user-friendly environment to discover and test APIs that suit their specific business needs.

Open banking, a system that grants third-party developers the ability to create applications and services surrounding a financial institution, is pivotal to Standard Chartered’s new Open Banking Marketplace. This system relies on APIs (application programming interfaces) which facilitate the secure sharing of financial data, with customer consent, between banks and third-party providers. This model encourages a more transparent and competitive financial services environment, allowing for a range of innovative financial solutions that can cater to diverse customer needs more efficiently. The marketplace offers clients a sandbox environment to explore, test, and implement these APIs, ensuring they can leverage the benefits of open banking to enhance their business operations effectively.

The Open Banking Marketplace is set to transform the way businesses engage with bank technologies by providing a sandbox environment where developers can not only explore but also immediately start integrating and simulating with Standard Chartered’s APIs. This platform is an evolution of the bank’s 2019 aXess platform, now expanded to include a broader range of functionalities tailored to facilitate seamless digital transformations for corporates.

Boasting over 100 API products that span across diverse sectors like cash management, foreign exchange, trade, and securities, the marketplace is engineered to cater to a wide array of industries including manufacturing, fintech, technology, and e-commerce. The platform enhances team collaboration through project spaces and advanced simulation environments, enabling the development of production-ready code in a secure setting.

Further enriching the user experience, Standard Chartered provides extensive resources such as developer guides, API technology documentation, and tutorials focused on security protocols and authentication methods. The marketplace also offers insights into successful client use cases, illustrating the practical benefits and concrete outcomes of integrating Standard Chartered’s APIs.

Mark Willis, Standard Chartered’s Global Head of API & Open Banking Ecosystems, emphasized the transformative impact of open banking over the past decade, highlighting the role of APIs in crafting future-proof digital solutions. “Open banking needs to shift towards enhancing user experiences with less technical complexity and more plug-and-play solutions,” Willis commented. He expressed enthusiasm about the launch of the redesigned marketplace, which aims to streamline the decision-making process for businesses considering API integration.

The launch event at the Money20/20 Asia fintech conference in Bangkok was met with positive feedback from clients and partners, reinforcing the bank’s commitment to driving innovation through strategic collaborations. With this new platform, Standard Chartered is set to facilitate a broader adoption of open banking, helping businesses leverage cutting-edge technology to achieve their strategic goals.

This content is provided for informational purposes only and should not be construed as professional advice.

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Post-Brexit: data protection
Card processor sends sensitive data to wrong address
24 August 2022

Worldline SA subsidiary Payone GmbH has been accused of breaching data protection rules after it sent sensitive employee payroll information to the wrong address by accident. The Worldline Group holdS a 60% stake in the Frankfurt based company who have a small UK market presence.

In June 2021, one of Payone GmbH’s ex UK employees (the data subject) received a “potential data breach notification” from the firm advising him that his salary, National Insurance data, nationality (Special Category Data) was amongst various bits of information sent to an incorrect home address.

This included personal information such as the former employees name, age and address.  It also included details such as the date of birth and the amount of annual work bonus he received in his bank account amongst other identifiable data.

Payone GmbH confirmed that this document was sent out in error following an employee making a mistake when re-entering data processed by their third-party payroll provider.  The error arose when the employee was fulfilling an Article 15 GDPR request. The error was spotted by the data subject when he noticed in an email version of the document that the postal address was incorrect. An attempt to notify Payone GmbH of the error went in vain as the document was already irretrievably despatched.

The data subject was alarmed with the incident which exposed him to the possibility of fraudulent activity, amidst reasonable fears his data could end up on the dark web and used by criminals.  Habitually resident in the UK he complained to the Information Commissioner’s Office (ICO) in June 2021. He similarly raised the concern in Germany via The Hessian Commissioner for Data Protection and Freedom of Information (HBDI).

The ICO reprimanded Payone GmbH for the error in their final decision letter.
Similarly, the HBDI cited a violation of Article 5(f) of the General Data Protection Regulation (GDPR) relating to integrity and confidentiality.

The ICO stated in their July 2021 findings that Payone GmbH, “should take steps to ensure that all personal data records are accurate and up to date. Holding inaccurate information, such as addresses, does increase the risk of personal data breaches and poses risks to the security of information”.

The HBDI confirmed in their October 2021 findings that Payone GmbH had taken remedial action. They concluded that a monetary fine would not be imposed on Payone GmbH as they had taken technical and organisational steps in response to the data breach. Data subjects could now request their data in an autonomous portal.

The GDPR, which came into effect in 2018, gave the Information Commissioner’s Office greater powers to tackle data breaches. The new ‘UK GDPR’ charts its own course after Brexit whilst seeking to maintain EU GDPR adequacy.  In extreme scenarios, organisations face penalties of up to £20m or 4 per cent of their global worldwide turnover, whichever is more.

In the years prior to GDPR, the ICO fines were capped at £500,000.

The data subject said: “I am just glad I spotted it; they were going to resend the document again to another wrong address. Prior to Brexit the process would have been commenced via the ICO who in turn would liaise with the HBDI on the data subjects’ behalf; but I found myself communicating with both authorities separately which was an additional step but in the end was surprisingly
effective. Unfortunately, Payone GmbH again sent my incorrect address to the
Workers Pension Trust in January 2022, and documents yet again went to the wrong address. In my opinion they have not learned from the first time and my complaint is sitting with the ICO yet again”.

The former employee is pursuing a remedy under Article 82 UK GDPR via
the Court’s of England & Wales.

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