Investec recently launched Programmable Banking, a platform for software developers that aims to open the world of banking to the IT industry with more granularity. Working with software developers inside and outside the company, Programmable Banking lets users write code that controls their banking experience and that fits into their lifestyles.
For example, users of the platform can specify that transactions are not allowed at McDonald’s on certain days or at certain times on a certain account.
Banking in real life should be so efficient, you shouldn’t have to think about it
Speaking to TechCentral, Devina Maharaj, programme head of Investec Business Online and API Banking, said the company worked with software developers to create a banking feature that would elevate both the banking industry and the IT industry.
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“Banking in real life should be so efficient, you shouldn’t have to think about it,” said Maharaj. Programmable Banking at Investec uses a real-time application programming interface (API) that allows software developers (and others) who want to take control of their banking transactions.
It allows users to receive notifications to any device connected to a bank account, not only to the banking app. It also offers real-time notifications if any of the parameters specified by the user have been breached.
For example, if the card is used at a McDonald’s outlet after a time not specified in the code, the user can gets an instant notification and can decline or allow the payment.
The use of an integrated development environment means Programmable Banking combines developer tools into a single graphical user interface that appeals to IT professionals who don’t necessarily favour the traditional – and rigid – banking system.
Programmable Banking at Investec is available to IT professionals at no additional cost, provided they have a private bank account with Investec.
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It is available to individuals on at least a one-year graduate programme at a recognised IT company as well as to IT professionals with a three-year degree or IT diploma, provided they earn a basic salary of R600 000/year if under 30 or R800 000/year if over 30.
Investec is not the first financial services company to introduce APIs to the market with Nedbank and Standard Bank also making similar moves recently.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry