CBW Bank became the first bank in the U.S. to publish its APIs by working with Yantra Financial Technologies to launch the Y-Labs Marketplace. The Y-Labs Marketplace is an initiative that enables banks to rapidly introduce new payments products and services with industry specific benefits via CBW’s API-enabled digital banking platform. Other product developers, fintech startups and banks can write applications using the bank’s established financial infrastructure and then, determine whether there is demand within the market for the application.
The Y-Labs Marketplace model addresses the numerous challenges hindering the banking industry’s digital transformation, including developing new services while maintaining regulatory compliance, scaling the bank or fintech startup, and ineffective collaboration between fintechs and banks. By publishing its APIs via Y-Labs, CBW Bank now allows startups and other banks to rapidly build and validate a variety of business and consumer banking products while ensuring compliance. Y-Labs is the world’s first digital banking marketplace and enables the creation of a fully digital bank, while providing a platform for integration with third party applications. This model provides an opportunity for banks to essentially become app stores for complementary fintech services and products, increasing transactions and driving revenue for the bank.
By removing barriers to access data and eliminating the need to replicate data processes through open APIs, CBW Bank has provided a digital banking platform that is secure, process-friendly and flexible. Banks that use the platform’s APIs improve their ability to scale, speeding up the time it takes to bring new banking products and services to market. As a result, the financial industry can easily and quickly address the long-term needs of consumers while lowering the cost to access banking services and allowing all stakeholders in the marketplace to benefit from the scale of economies.