Enter Next Digital Banking (ndgit), a market-leading open finance platform for innovating banking and insurance in the European banking and insurance sphere. ndgit provides a toolset that enables banks to implement new use cases in less time and with greater user optimisation. Acting as a middleware, ndgit has been implemented in as many as 30 banks across Europe. Founded in Munich in 2016 by Oliver Dlugosch and Florian Pahl, the organisation has centred on the theme of connected banking technology right from its inception. “ndgit facilitates thousands of small and highly-specialised micro-services for developers simultaneously, aiding efficient infrastructure integration,” says Dlugosch, co-founder and CEO of ndgit. “With our platform, banks are decoupling from the constraints of their back-end systems and opening themselves up to third-party access.”
ndgit comes with a comprehensive application processing interface (API) for management and business and security concepts of digital banking. The platform offers banking as a service (BaaS), ecosystem banking, digital lending, open wealth, foreign exchange (FX) payments and Payment Services Directive 2 (PSD2) compliance under its service range of operational functions. With PSD2 acting as an important catalyst for European banks to prepare for the future of connected banking, electronic payments are regulated to allow the entry of third party providers (TPPs) into the transaction.
As commercial activity around the world is transforming to digital channels, embedded payment and financing options have increased in demand. With the possibility of instantaneous transactions now available to consumers at the click of a button, ndgit has been able to tap into opportunities for offering more options in loans through digital lending partners and banks. Having a variety of loan and rate products at their fingertips, customers can expect more options than in purely traditional banking methods. With flexible loan options, different use cases of lending are facilitated, pushing digital sales to an optimum. Credit flows backed by ndgit’s API platform allow credit approval in just three minutes! Finance providers enabling the payment have access to the requisite data for loan legitimation and credit approval via XS2A APIs for PSD2 compliance, digital signature, credit ratings, account analytics and video legitimation.
ndgit facilitates thousands of small and highly-specialised micro-services for developers simultaneously, aiding efficient infrastructure integration
As financial service providers struggle with an ever-greater burgeoning of technology into all spheres of life, ndgit allows banks, fintechs and digital partners to access open banking and insurance. Looking ahead, ndgit will be tapping into other target markets in Europe, the U.S.A. and Asia. In the future, ndgit wants to continue on its upward growth curve with the support of external investors and expand its products for open banking.