Raidiam, a creator of data-sharing ecosystems globally, has joined the NayaOne Tech Marketplace, giving financial institutions the ability to “unlock” scalable and secure API access for Open Banking, digital identity and payments.
The collaboration combines NayaOne’s sandbox-as-a-service with Raidiam’s API access management platform.
Raidiam’s technology, which is already used by more than 1,000 banks globally, enables banks to better navigate Open Banking and regulatory compliance.
Barry O’Donohoe, co-founder and chief executive officer of Raidiam
With retail banks increasingly offering API access to their core systems, driven by both regulatory and commercial imperatives, this can expose cybersecurity risks through API access management vulnerabilities, according to Raidiam and NayaOne.
Meanwhile, onboarding new partners and data-recipients is, typically, manual and time-consuming, and key rotation practices for API access management are “cumbersome”.
Among the features of Raidiam’s platform are improved API access management to reduce engineering dependency and accelerate time-to-value, and embedded finance innovation, whereby real-world use cases can be scaled from sandbox to production.
The platform also offers self-service onboarding, to make it easier for partners and customers to adopt APIs.
NayaOne CEO Karan Jain
Karan Jain, chief executive officer of NayaOne, said: “This partnership is a natural fit — NayaOne enables rapid prototyping and experimentation through our sandbox platform, while Raidiam Connect ensures those innovations can transition seamlessly and securely into real-world production.
“Together, we’re helping institutions unlock embedded finance and platform business models at pace.”
He added: “We’re especially excited to align with Raidiam, as both our organisations are committed to supporting digital transformation across key regions, including the Middle East.”
Barry O’Donohoe, chief executive officer of Raidiam, said: “We are passionate believers that banks can offer their customers account connectivity to the apps they love, cement their role at the heart of their customers’ financial lives, and protect against cybersecurity risk.
“We are excited to partner with NayaOne to accelerate engagement with our products and shorten the innovation lifecycle.”
Further reading: Smart Data Foundry and NayaOne forge financial innovation partnership
