OpenLegacy to Power Standard Chartered Bank Korea’s API Factory

Distributed by Business Wire
19th August 2021

Provides SCB Korea with system APIs from OpenLegacy’s mainframe core banking application
Extends SCB Korea’s business-critical core banking functionalities to the Internet banking service

PRINCETON, N.J.–(BUSINESS WIRE)–#fintech—OpenLegacy, a pioneer in digital-driven integration for core legacy systems, has partnered with Standard Chartered Bank Korea (SCB Korea) to provide system APIs from its mainframe core banking application. Given encouraging results, both teams have joined forces in the midst of a full-scale implementation to accelerate the digital transformation.

“As the bank embarks on a digital journey to modernize our platforms, it is critical that we leverage new technologies to ensure we stay relevant in this competitive space,” Jason Ki, Senior Vice President, Technology & Innovations at SCB Korea. “We are excited to partner with OpenLegacy to bring next-level digital integration for our banking services in South Korea.”

Critical to the explosion of the Internet, APIs have facilitated the seamless sharing of information and enabled the large-scale shift from monolithic core applications to a microservices-based architecture. In the age of internet banking, legacy banks need to find fast, efficient, and cost-saving methods to successfully integrate APIs to deliver the types of digital services consumers have grown accustomed to. With the setup from OpenLegacy, the bank can deploy more consumer-geared services with shorter time to market. The consumer experience from Internet banking or in-branch services can therefore be enriched, ultimately leading to higher customer satisfaction with the bank.

OpenLegacy’s automated API-generation tools accelerate the adoption of open banking and digital transformation. OpenLegacy’s composable integration technology enables SCB Korea to extend its business-critical core banking functionalities to the internet banking service in order to address the evolving needs of its customers.

Joseph Wong, General Manager of Asia Pacific and Japan at OpenLegacy, added “We’re delighted to team up with Standard Chartered to better serve their customers. The power and speed of our API solution was well demonstrated in a difficult operating environment during the pandemic. We look forward to growing the partnership throughout Asia.”

About OpenLegacy

OpenLegacy’s Digital-Driven Integration enables organizations with legacy systems to release new digital services faster and more efficiently than ever before. It connects directly to even the most complex legacy systems, bypassing the need for extra layers of technology. It then automatically generates APIs in minutes, rapidly integrating those assets into new and exciting innovations. Finally, it deploys them as standard microservices or serverless functions, giving organizations speed and flexibility while drastically cutting costs and resources. With OpenLegacy, industry-leading companies release new apps, features, and updates in days instead of months, enabling them to truly become digital to the core. Learn why leading companies choose OpenLegacy at openlegacy.com, and follow us on Twitter or LinkedIn.

About Standard Chartered Bank Korea

Standard Chartered Bank Korea aims to become the “best international bank in Korea.” To this end, we are providing differentiated services and innovative financial products based on leading digital platforms. Our parent ‘Standard Chartered’ is actively utilizing its international network and long experience accumulated in various parts of the world to faithfully play a role as a bridge to support domestic companies’ overseas expansion. In addition, we are carrying out various social contribution activities with a sense of social responsibility to grow together with the local community. For more information about Standard Chartered Bank Korea, please refer to www.standardchartered.co.kr.