Corporates who are considering a partnership with the bank can gain from a quicker discovery and implementation process by letting their developers begin coding and connecting into the bank's open banking ecosystem to mimic the experience. This will help to streamline business-to-bank collaboration.

"Open banking has been a transformative force over the last decade, with APIs playing an important role in enabling corporates to build future-proof propositions that meet the needs of the evolving digital economy," states Mark Willis, global head of API & Open Banking Ecosystems, Digital Channels & Data Analytics at Standard Chartered. A change in emphasis toward an improved user experience—one that is less technically focused and provides straightforward, plug-and-play solutions—is required to accelerate its adoption.

The bank's previous version of the aXess platform, which was introduced in 2019 as part of a larger effort aimed at the developer community to enhance its open banking capabilities, is expanded upon by the Open Banking Marketplace.

Corporates now have easier access to the necessary applications thanks to the new platform, which also opens up a growing array of over 100 ready-built API products ranging from cash and FX to trade and securities across 33 markets worldwide.

For every API product, the Marketplace also includes previous use cases and client testimonials that provide information on scalable solutions and observable results.

Willis comments, "We hope that more of them can draw inspiration from the other organizations that have successfully tapped into our suite of API products to realize their business objectives. The initial feedback from our clients and partners has been extremely positive."