Expanded open banking partnerships with aggregated API platform
Integrating with and providing access to Third-Party Providers (TPPs) is key to open banking operations. With an aggregated API platform hosted on Red Hat OpenShift, Banfico’s marketplace partners can more easily connect to Banfico’s systems and teams in a compliant, security-focused way. The bank’s open banking aggregation services, initially launched in Brazil, has grown rapidly to support additional partners and business opportunities.
“We’re working with our partners to let TPPs leverage their APIs as well, building solutions with unique value propositions for current and potential clients,” said Rasappan. “This market positioning helps us grow our API volume—and our business—at a scale that would not be sustainable if we were trying to build these services alone.”
Created scalable foundation for global business growth
A flexible yet stable and security-focused cloud environment helps Banfico uphold its brand reputation by delivering valuable services and support to clients around the world. Running a single global platform across many regions, from Brazil to Europe and beyond, provides consistency for both internal and customer-facing operations. Additionally, the hybrid flexibility of Red Hat’s vendor-agnostic container platform lets Banfico deploy to other cloud providers as needed to meet customer requirements—all under central, pay-as-you-go pricing.
“Many businesses promise the realization of open banking but are unable to deliver,” said Rasappan. “With Red Hat OpenShift Service on AWS, we can not only deliver solutions aligned with the Open Banking mandate to our current customers, but have even picked up new business from banks that have been let down by other developers.”
Achieved near-instant application delivery times
For fintech startups, rapidly delivering new applications to meet demand for digital services is key to competing with traditional financial services providers.
Banfico’s self-service deployment approach provided by OpenShift Service on AWS lets developers provision and access infrastructure and command-line tools on demand. Now, the company’s teams can create new, fully managed clusters in seconds. Even as demand for new services grows, Banfico can take advantage of cluster node scaling to easily add or remove compute nodes to its Red Hat OpenShift environment to support development and production cloud capacity needs.
In addition, automated development workflows, template, and performance monitoring capabilities help Banfico’s development and operations teams focus on creating and delivering innovative solutions for customers, rather than completing routine, manual maintenance processes.
“Our previous architecture required at least 25 minutes of downtime and completion of expensive management governance processes to launch new releases,” said Paulo Barbose, Chief Operating Officer (COO), Banfico. “Red Hat OpenShift Service on AWS helps our teams create the infrastructure they need, when they need it, to deliver the latest features and updates. We can also monitor and control costs to optimize our resource use but keep our operating expenses lean.”
Enhanced security with built-in, automated compliance
Banfico’s SaaS platform must remain fully compliant with the latest security regulations, such as the European Union (EU)’s Payment Services Directive 2 (PSD2). Red Hat OpenShift Service on AWS includes built-in PSD2 compliance, as well as SOC 2, ISO/IEC 27001, and Payment Card Industry Data Security Standard (PCI DSS) certification. Automated security enforcement and deployment processes help protect Banfico’s systems and data—as well as those of its customers— while supplying a clear audit trail.
“Security is as important as speed to our success,” said Barbosa. “We can rely on Red Hat and AWS to ensure our compliance with the latest standards and regulations, and our customers can see at a glance that we meet the requirements demanded by some of the world’s largest banks, even at massive scale.”