Businesses save a lot of costs by applying Open API

Specifically, Open API will allow software systems to connect and exchange data with each other easily, thereby businesses can use available APIs to integrate banking services and applications into their systems. For example, for the VietQR payment method - initialize VietQR codes for each bill or store, allowing customers to pay by scanning transfer features on any banking application and e-wallet; automatically process salary payments and large-volume bills.

Partners can pay for goods or salaries with just one API command from their system, without manual operations on Internet banking; collection, credit notification - quick payment feature in a few simple steps, providing instant credit notification, helping beneficiaries and partners receive notifications immediately; e-wallet linking - automatically and securely linking between domestic bank accounts/debit cards and e-wallet accounts, thereby allowing easy and quick deposits/withdrawals; OCB payment account opening solution - eKYC, opening accounts online via SDK (embedded application) or Open API, helping new customers to open OCB accounts completely online at any familiar partner application that cooperates with OCB without having to go directly to the branch.

Integrating Open API into the operating system will help businesses save costs in many aspects such as: reducing technology infrastructure costs, saving software development costs, minimizing risks during operation, and system maintenance is also easier when APIs are provided and maintained by a professional service provider, OCB. In addition, businesses also optimize personnel costs by minimizing dependence on internal programmers to develop new features, instead focusing on core strategies of product development, market research and customer management.

Integrating Open API into the operating system will help businesses save a lot of costs.

In addition to saving operating costs, Open API also provides opportunities for businesses to develop new services, expand markets and improve customer experience by integrating a variety of new services into their systems, thereby providing customers with fast, convenient and easy-to-use services . For example, a retail business can integrate online payment, shipping, inventory management or data analysis solutions from external suppliers, creating a diverse and rich ecosystem without having to develop all of those solutions from scratch. Integrating APIs in online payments helps customers pay quickly without encountering any barriers.

According to a survey by Harvard Business Review, Open APIs can help increase work efficiency by up to 30%, in terms of time and cost for the same work. In addition, a study by Deloitte shows that human resources needs in the fields of accounting, reporting and customer care can be reduced by up to 20% thanks to automation and process optimization.

Businesses can also save up to 25% on operating costs for enterprise management systems when applying this solution. According to a report in the Vietnam National Digital Transformation Program and a study by the State Bank, in the banking industry alone, transaction processing time can be reduced by 30% to 50% when implementing Open API integration solutions.

In practice at OCB, Open banking has helped businesses reduce 100% of manual operations in payment and invoice reconciliation, shorten transaction processing time from 15 minutes to 1-2 seconds and cut 80% of debt reconciliation time. These impressive figures are a clear demonstration that the application of Open API not only improves performance but also contributes to enhancing the competitiveness of organizations and businesses in the current digital transformation context.

OCB is one of the leading banks in implementing open banking, meeting the diverse needs of partners from many industries and segments.

Accordingly, Orient Commercial Bank (OCB) is one of the "leading" banks in implementing Open Banking with more than 200 Open APIs, strong processing performance with an average of more than 6 million transactions/month, corresponding to many different services from basic to specialized operations ready to integrate, meeting the diverse needs of partners from many industries and segments. Any business that needs to manage internal finances or provide financial services to customers can connect with OCB through the Open API platform.

It is known that at OCB, by the end of 2024, the number of customers connecting Open API increased by 150% compared to 2023 and the bank aims to increase the number of corporate customers using and applying this model by more than 200% in 2025.

“ OCB is currently focusing on creating breakthrough products that bring practical value to businesses and users. In particular, we have great faith in Open Banking because this is a great opportunity that OCB must take the lead and create a clear difference in the market, ” shared an OCB leader.

Source: https://nhandan.vn/doanh-nghiep-tiet-kiem-hang-loat-chi-phi-nho-ap-dung-open-api-post869134.html