NDGIT and the mortgage bank Hypothekarbank Lenzburg received the EURO FINANCE TECH Award 2017 for ‘Best Bank/FinTech Cooperation’.
Frankfurt, Main / Munich, 17|11|2017
Swiss-based Hypothekarbank Lenzburg (HBL) and the Munich-based FinTech NDGIT were honoured with the EURO FINANCE TECH Award 2017 yesterday evening. The companies were awarded for their exemplary cooperation in implementing the first open banking project in Switzerland. In fewer than three months, the standard software developed by NDGIT for PSD2 implementation was adapted to the requirements of the Swiss market and Hypothekarbank Lenzburg, and HBL open banking was launched.
The implementation of the open banking project between Hypothekarbank Lenzburg (HBL) and NDGIT last May caused quite a ripple in Switzerland and Germany. In a short space of time, over twenty partners wanted to become part of the new ecosystem and utilise the functions of the novel interface for the core banking system Finstar®. A range of different digital companies also expressed interest for a white label product.
Yesterday evening, as part of the Euro Finance Week, a reputable jury chose this project from a variety of entries, granting first place in the category ‘Best Cooperation between Bank and FinTech’.
During their assessment, the jury looked particularly for ‘genuine’ cooperation and wanted something more than just an integrated service by a FinTech company. NDGIT and Hypothekarbank Lenzburg satisfied this requirement, as they had prepared their business model together in order to strengthen cooperation between banks and FinTech companies in the Swiss market. Together, the partner companies established the first open banking system in Switzerland. “NDGIT and Hypothekarbank Lenzburg have carried out truly pioneering work with this innovative concept,” said Prof Dr Paul Alpar, a member of the jury. Second and third place were awarded to the insurtech firm Clark and Quantoz respectively.
“In collaboration with Hypothekarbank Lenzburg, we have developed the first PSD2-like banking solution in the German-speaking region,” explained Oliver Dlugosch, CEO of NDGIT GmbH, assured of the result of the collaboration. “The resulting ecosystem of Hypothekarbank Lenzburg is a visionary example of the market-opening potential of PSD2 and open banking.”
Marianne Wildi, CEO of Hypothekarbank Lenzburg AG, is likewise delighted by the accolade: “We consider the award to be confirmation that we are on the right path with our core banking system Finstar®. We are convinced that open platforms in banking will become increasingly important in the future,” the bank boss added.
About NDGIT GmbH
NDGIT GmbH stands for Next Digital Banking and supplies the first API platform for banking and insurance. It connects banks and FinTech companies with digital ecosystems. Its technology enables banks to open themselves up to digital partners with open banking APIs and PSD2 solutions. In addition, innovative functions from FinTech companies can be easily used, adapted and integrated into applications via the marketplace. The platform makes it easier to use internal and external APIs, to monitor them centrally and to manage them. Using the NDGIT Banking-Integrator, e-commerce and other digital companies can also implement banking processes and connect them to banks. In this way, the NDGIT FinTech platform forms the technological backbone for new applications and IT landscapes in banking and insurance.
Hypothekarbank Lenzburg AG and Finstar®
Hypothekarbank Lenzburg AG is a publicly-listed, full-service Swiss bank. Around 260 employees from 11 countries offer all services in banking. The bank was founded in 1868 as the mortgage and lending bank ‘Hypothekar- und Leihkasse Lenzburg’. Today, the financial institute operates 13 offices in the canton of Aargau and thus has strong ties to the region. Besides its traditional business, the bank has also recently placed stronger focus on service digitalisation, thereby also becoming an attractive financial partner for customers beyond the region. The core banking system Finstar® is a proprietary development of Hypothekarbank Lenzburg, which is also distributed to third-party banks and other companies. In December 2016, the Swiss finance portal Finews named Hypothekarbank Lenzburg as the ‘Most Digital Bank in Switzerland’.