top of page

Open Banking Business Models & Moving from Private to Public APIs

Updated: Jul 22, 2021

If you work in financial services, there is no doubt you’re familiar with open banking – a movement focused on allowing financial data to be shared securely between banks, fintechs, and consumers through standardized channels, for the creation of better financial services and experiences. Whether you’re a consumer, financial institution, corporation or fintech, open banking affects us all – and will revolutionize the way we interact with financial services forever.

Open banking initiatives are well under way in Europe, Asia and some parts of Latin America. Here in the US and Canada the industry is in its early stages of open banking adoption, with industry consortiums such as Financial Data Exchange (FDX) creating common frameworks and standards. If you are a leader within a financial institution, your team may already have an open banking strategy that covers elements that include data connectivity, governance, and partnerships. However, we’ve heard from many of our clients that there are still many unknowns concerning the practical aspects of open banking implementation. For example, what is the organization’s open banking business model? Are there new revenue streams that can be unlocked, such as monetizing data? How do we govern and secure open banking APIs in the public cloud? And above all, how do we manage the risk, liability, and implications of opening our infrastructure to third parties?

We would like to invite you to a two-part webinar series jointly held by Altitude Consulting and our partner Axway where we’ll address the above questions.

In Part I, you will learn about open banking business models: Banking as a Platform and Banking as a Service. We’ll discuss the objectives that each business model helps financial institutions achieve, and we’ll walk you through success stories of each.

Banking as a Platform is a model in which the bank acts as the channel for curated partner fintech integrations. Think of this as an ‘app store’ model, in which your customers can access financial services from partners through your existing online or mobile banking channels. You own the customer relationships, customer experience, and the use cases that you offer through your channels. This model is great for financial institutions that want to expand the services they offer to their customer base, increase differentiation, and control the customer experience they offer.

Banking as a Service is a model in which the bank acts as a backend and offers banking products and services to fintechs through an API. In this model, customers interact directly with fintechs – and the fintechs own the customer experience. This model is appropriate for banks that want to expand their customer base and explore alternative revenue streams. A great example of Banking as a Service is Permatabank in Indonesia, which grew new account acquisition by 400% between 2016 and 2021, and 72% of its new accounts are attributed to its BaaS. Another prominent example is Spanish bank BBVA, which was among the first to launch a Banking as a Service platform in Europe and Mexico, and the first such platform in the US.

Figure 1: Open Banking Business Models

We’ll also show you a live demo of Axway’s open banking platform, which enables the above capabilities. Further, we’ll demonstrate how it facilitates the technical and operational aspects of opening your platform to authorized third parties.

In Part II we’ll do a deep dive on the technology that enables open banking. We’ll focus on architecture, security, and governance. We will also talk about the organizational structure that’s required in order to build a successful open banking and API program.

In each session you will have the opportunity to ask questions and interact with our hosts.

Please register with the links below.

Part I: August 4, 1pm EST


Reuben Piryatinsky, CEO, Altitude Consulting

Eyal Sivan, Head of Open Banking, Axway

Part II: August 11, 2021, 1pm EST


Reuben Piryatinsky, CEO, Altitude Consulting

Francois Lascelles, VP and Chief Architect, Axway

We’re excited to meet you!

About Altitude Consulting:

Altitude Consulting is the only consultancy in North America that’s focused exclusively on open banking. Our team is a group of passionate financial technology experts with deep experience in management consulting, strategy, product, and technology. Altitude is focused on open banking strategy, execution and education.

About Axway:

Axway gives heritage IT infrastructure new life, helping more than 11,000 customers worldwide build on what they already have to digitally transform, add new business capabilities, and drive growth. With our Amplify API Management Platform —­­ the only open, independent platform for managing and governing APIs across teams, the hybrid cloud, and third-party solutions — we helpcompanies move forward faster, reach new markets, and create brilliant digital experiences. Our MFT and B2B integration solutions have been trusted for 20 years. Axway (Euronext: AXW.PA) employs over 1,800 people in 18 countries. Learn more at

264 views0 comments

Recent Posts

See All


Commenting has been turned off.
bottom of page