CBW Bank: Leveraging Modern APIs

by Gareth Lodge, April 4, 2017
Case Studies
Global

Abstract

Celent: Model Bank Award: CBW Bank: Leveraging Modern APIs

Winner of Celent Model Bank 2017 award for Banking as a Platform. CBW Bank developed and implemented an API-enabled digital banking platform that facilitates real-time, contextual and conditional payments across multiple channels, and offers these to third parties via an API store.

CBW Bank developed and implemented an API-enabled digital banking platform that facilitates real-time, contextual and conditional payments across multiple channels, effectively modernizing conventional approaches to payments and digital banking.

The bank leverages 500+ modern APIs to integrate endless connection points into its digital banking platform, which gives users access to multiple payment networks and channels. This supports interoperability between multiple financial institutions, programs, product combinations and accounts, regardless of the system. As a result, CBW Bank is able to use its technology to create solutions that meet the needs of consumers and benefit a wide range of business verticals.
Additionally, CBW Bank published its APIs, becoming the first bank in the U.S. to do so. By granting access to its APIs, the bank now allows fintech startups and other forward-thinking financial institutions to rapidly build and validate a variety of business and consumer banking products while ensuring compliance. This will also allow any start-up or bank to build a digital bank within six months.

"With APIs only just coming on the radar for many banks, it's a powerful to see them not only in action, but them being used by much bigger banks to begin their own journeys," commented Gareth Lodge, Senior Analyst of Celent's Banking practice.
"CBW continue to do interesting things because they are using modern technology and a fundamentally different mind-set than a traditional banker, but still bound by the same regulatory rules as any other bank."

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

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