NCR buys intellectual property for Open Banking

NCR Corporation, a global enterprise technology provider, has purchased FinTech intellectual property for open banking from Canadian company Spoke Technologies, NCR announced on Tuesday (March 8). The terms of the contract are not disclosed.

“We are excited about the added value this brings to customers who want to energize digital banking in international markets, enable open banking, and bring together the retail and financial experiences for our customers and their customers,” said Vice. -NCR Executive Chairman Ismail Amla in a statement.

Amla said the agreement accelerates NCR’s move to open and global digital banking with the addition of data integration that supports personalization and customer-led experiences applicable across all financial services and supports the convergence of finance and retail for key customers.

Open banking is a banking practice that provides third-party financial service providers with free access to bank, transaction and other consumer financial data from banks and non-bank financial institutions (FIs) using application programming (API).

NCR said the acquisition is consistent with its strategy of acquiring intellectual property to enhance established and emerging product capabilities, extending NCR’s leadership in the vertical industries that NCR serves.

Last month, NCR reported that its fourth quarter results showed gains in digital banking and in the number of registered users for that digital banking revenue. The company said revenue for the fiscal quarter rose 3% to $2 billion. Its recurring revenue in 2021 was $4.1 billion out of $7.2 billion. Banking revenue was $1.1 billion, up 40% from $795 million.

Read more: NCR posts 14% jump in digital banking revenue year-on-year as company mulls strategic review

Digital banking revenue increased to $133 million from $117 million in 2021, up 14% and up 9% for the full year. Registered digital bank users jumped to 25.3 million in the quarter from 24.3 million in the fourth quarter of last year.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.