Banco Azteca's APILab: a new digital business model

Business

By CAPosts 02 December, 2020 - 05:08pm 202 views

In the forum "The APIs in the transformation of Mexico", presented by Banco Azteca, Grupo Expansión and ADN40, experts on innovation, technology and financial services participated; It was also the framework for the launch of APILab by Banco Azteca, a platform that offers the possibility of creating new businesses thanks to the digital services and solutions of the Mexican-born bank. Juan Carlos Arroyo, CEO of Grupo Elektra Digital, explained that APILab seeks to offer Banco Azteca products and services through third parties, thanks to the possibility for developers and startups to connect directly with the financial institution. Likewise, Manuel González Palomo, vice president of Systems at Grupo Salinas, commented that the technical challenges they faced were: “Create the technological platform to expose the services, because in API Gateway each of the different companies will be able to offer products financial companies connecting with Banco Azteca ”.

© Photo: Shutterstock. The API presented by Banco Azteca places Mexico at the global forefront of open banking. Open a bank account through the company's own platform, having Banco Azteca as the service provider. Check balances. Query movements. Receive payments with the Banco Azteca app in each of the developers' portals, (100% digital transaction). Reload airtime from different platforms. Buyback of prepaid cards for video or entertainment consoles. The possibility for companies to issue payment orders and deliver money to their beneficiaries, through the 1,800 Banco Azteca branches around the Mexican Republic

The seven initial APIs that they launched and that are already available to any interested company are:

The digital transformation of banking and Fintechs The creation of Banco Azteca's API platform is a paradigm shift for the financial sector in Mexico: before, people went to the bank to solve their financial needs. Now, the bank will go to the people, to find them in the moments when they require a transaction. This was explained by Juan Carlos Arroyo, general director of Grupo Elektra Digital; Fermín Bueno, CEO of Finnovista and Íñigo Rumayor, president of the ARCUS group, during the first of two panels of the forum “APIs in the transformation of Mexico”. In fact, they agreed to note that this launch of Banco Azteca revolutionizes the financial sector in Mexico, since it puts it at the forefront of open banking, a trend that is already beginning to be woven around the world. “Innovating at this time is a key factor, since the pandemic (due to COVID-19) brought forward the connection needs of people around the world by around five years, and this includes financial services: they want to open bank accounts and do various remote operations ”, commented Juan Carlos Arroyo. Banco Azteca's APILab platform, already available from its digital space, can receive applications from independent developers, businesses and startups that wish to join this ecosystem. “With the development of the Fintech Law, Mexico was at the forefront of Latin America in terms of the embedded finance movement. Brazil and Chile have made progress in this regard, but the step has been taken by Mexico ”, contributed Fermín Bueno. Interconnecting on a platform that has already been technologically developed and which is also protected by a solid bank is a way to promote technological entrepreneurship, Íñigo Rumayor noted. "It is an opportunity that opens to enter a market valued in billions of dollars and that will have impressive growth in these years," he added. According to the digital leader of Grupo Elektra, 2021 will be the year of the launch and expansion of Banco Azteca's APILab platform, while 2022 will be the consolidation of the project. It will result in timely services for users, but it will also contribute to the banking system of the country, since users of financial services will naturally be able to access these services as they need them for their commercial operations and other services. APIs and the digital ecosystem During the second panel of the forum, in which Javier Solano Vázquez, Director of Transformation and Innovation at Banco Azteca, spoke; Raymond Peng, Digital Engagement Specialist Google; Paul Rohan, Financial Services Specialist Google and Antonio Peláez, CEO and Cofunder of DAPP; The specialists agreed that the implementation of the technology, as well as the strategy of working hand in hand with the developers of small and large companies, will benefit thousands of users who require customized solutions. Google representatives, Raymond Peng and Paul Rohan highlighted the importance of the Sandbox security mechanism, which will allow the initiation of a relationship of trust with hundreds of partnerships. APILab and its Sandbox is a window to build great experiences and generate creative solutions in a short time. "Timing in technology is very important, so companies must focus on what they know how to do perfectly and rely on the infrastructure that already exists, in this case, from such a complete bank, to stop wasting time," said Antonio Peláez. One of the questions that attracted the most attention was whether Banco Azteca's APILab platform has the necessary momentum to cause an economic impact, to which Javier Solano responded, “The COVID-19 problem brutally accelerated the digitization of companies and businesses. Today we need to be able to continue with our lives even from a distance and that forces us to support people's financial lives through technology, so APIs come to revolutionize the financial solutions that we all need ”. This is how the digital forum “APIs in the transformation of Mexico” ended, where the APILab platform of Banco Azteca aspires to create a new digital business model that benefits small and medium-sized companies, add value to associated businesses and intends be the connection to a better future of economic growth

Source: MSN