FSBT OPEN BANK PROJECT API; AN OPEN SOURCE PROJECT
FSBT Open Bank Project API is an under way project that seeks to provide a platform for all fintech establishments and banks to interact in a banking financial process. With this platform, it becomes seamless and stress-free for small fintech firms to develop, test, and run their innovative apps. This is a project that is carried out and overseen by FSBT.TECH, a robust tech company that is currently in its expanding stage.
FSBT.TECH is made up of practiced team members with profound team spirit, who enjoy working collaboratively, which has a positive influence on the FSBT Open Bank Project API. The project opens a wide spectrum of possibilities for external software developers and partner institutions. It is an open code project, and FSBT.TECH is in search for enthusiasts who are willing to learn and work deeply as a team to make the project achieve its potentials.
FSBT.TECH has released the MVP of FSBT Open Bank Project API, and the MVP status has proven that our mission is realistic and feasible. One of our objectives includes to be perceived as a reliable APIs developer with APIs that are easily accessible. Feedbacks gathered from the MVP testers prove that, indeed, FSBT Open Bank Project API provides a platform for young startups fintech firms to test run their new product, as well as to train, educate, the banking world on facts about API open banking. The MVP came with a host of features and services, which filled the perceived needs of our target audience and struck the right balance, meeting our expectations. The final product will however be coming with more features and services to meet the more needs of fintech firms and banking firms that will trust and use the product. For this reason, we are currently welcoming professional developers from any part of the world readily available to work with us to finalize the FSBT Open Bank Project API. The project is open source, therefore there is no restriction in people that may be interested in contributing to make the project a successful one.
FSBT.TECH is in search for likely-minded people, rather than employees. We intend to build a team of members that understand the company’s mission and vision, as well as the project objectives. Our MVP has shown that our product is ready to be accepted by the banking market, and our vision for this product is to make it stay on top of the open banking innovation. For this reason, it is only logical for interested persons and prospective team members to accept our objectives and vision, and work to help us achieve them. Below are activities that need to be carried out by the team for the completion of the final product:
1. TO IMPROVE THE PRODUCT’S SYSTEM, CORRECT ERRORS BY BUG FIXING AND ALSO, REFACTORING THE SYSTEM SOURCE CODE
Improving our system is a must to get the satisfaction the majority will accept. We can decide to improve or change the navigating arrangement, add some new features like documentation page, add many other internal links to give you a good user interface experience, make it mobile compatible, etc.
All the programming errors that come up from the programming bugs will be rectified by bug fixes to avoid users frequently encountering errors when using our products.
We can also, go as far as restructuring or changing our source code to get a dormant feature working. This won’t affect our total external look but will just specifically fix the problematic feature.
2. RECEIVE THE EMI LICENSE FROM FCA
To drive down our mission to become the most demanding and most sought after API tech company, our next milestone is to receive an EMI license from FCA. The electronic money institution license will further confirm us as a legally enabled platform to issue our currency which will help us carry out 3rd parties payments and other services.
Getting it from FCA (financial conduct authority), the authorized body in Europe, will set us ready to conquer the European banking market and carry out activities related to finance and provide credit offers to users and customers in Europe.
3. BUSINESS SELF DEFENSE
With Brexit looming with the date closer than ever, we are getting ready in a self-defense strategy, in case this major event will affect our product in the European world. United Kingdom is a big country and the main player in the European world and its exit is sure to cause a shake. We have made contacts with financial institutions, firms and also banks who know their worth in the European financial sector to get the assurance of being awarded a banking transaction license in case the Brexit affects the value of EMI license negatively.
4. VALUE ASSURANCE
The PSD2 which is a revised payment service directive has been implemented forcibly around December 2018 and major improvements have been made with the way the financial world sees it. This revision has ensured a better way of transacting financially. Now, new entries into financial sectors are properly monitored and regulated. Also, now the fintech companies, third parties, and the customers all work and transact with trust. The transaction is safer, customers details are more secured and also a healthy innovative competition exists among these fintech firms.
All these developments from the implementation are all to our benefit and we hope that if the growth remains steady like that, we will soon be enjoying the fruits of all the efforts we are sowing now.
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