Financial services provider Investec has launched programmable banking services for corporate and private banking customers, giving them access to their banking and transactional data and the power to create individualized banking services.
In a rapidly evolving digital age characterized by technology-driven innovation and growing demand for hyper-personalization, tech-savvy end users and early adopters want more control over their digital experiences, the company said.
The Programmable Bank offers functionality exclusive to IT professionals, enabling these customers to be at the forefront of innovation in the financial services industry.
By opening the exclusive private or business bank account, business owners and IT professionals such as software developers, programmers, engineers and full-stack and UX engineers can easily enable programmable banking on their accounts.
“With Programmable Banking, our mission is to accelerate digital innovation and deliver an out-of-this-world experience for businesses and private banks, while encouraging growth within the software developer community,” said Devina. Maharaj, Investec’s program manager. Business Online and API Banking.
“Technology has become an integral part of all industries, including the financial sector, and virtually all industries need developers to keep pace with technological advancements and innovation.”
Using an Application Programming Interface (API), clients can access their local Investec account data and transactional information online in real time and use Programmable Banking to manage transaction activity on all linked Visa cards. .
“A programmable card account allows a business or private banking customer to create code that runs before or after each transaction,” Maharaj said.
Customers can leverage the Investec API to set rules using simple code to approve or deny specific transactions for any Investec Visa card linked to their account.
Customers can also integrate the card with various internal platforms and systems to optimize their business processes, with the ability to send real-time transactional data through accounting systems such as Sage or Xero and messaging apps such as WhatsApp , email, or Slack.
“With full access to their card transactions, businesses can track behavior, integrate and create bespoke notifications, or code specific custom payment limits to create a completely personalized commerce experience,” Maharaj said. “Businesses can even use Programmable Banking to control card transactions by merchant or payment category.”
Wider applications associated with programmable banking will create opportunities for businesses and technologists to leverage this data to create new tools and drive new business ventures.
As an Investec customer, IT professionals can benefit from additional benefits and features offered through Investec Programmable Banking. This includes the ability to onboard and connect to the Investec Programmable Banking developer community in conjunction with Offerzen.
“With more than 100,000 developers in the wider Offerzen community, these collaborations allow enterprise customers, technology partners and the bank to engage and leverage ideas across industries to co-create business solutions” , Maharaj said.
To date, more than 500 developers have joined this beta initiative. Community members can access code and demos of other developers’ web prototypes through GitLab and see what other community members are building during monthly demos. They can also convert their demos into blog posts that are shared with over 60,000 OfferZen newsletter readers.
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