Today, Swedish fintech company, Instantor, announced the launch of The World Domination Starter Kit (WDSK). The WDSK is an initiative to support start-ups and scale-ups to develop next-generation products by giving them access to Instantor´s Bank API with no associated costs for new Instantor customers. By using Instantors bank API, developers will have access to transactional data from over 300 banks in 25 countries, with the potential to reach half a billion people. Instantor´s bank API has an unrivalled reach, and the WDSK initiative includes access to several markets outside new Open Banking legislation. The authentication and the end user’s interaction with banks are handled by Instantor, and the data can be accessed once the end user has given their consent.
Commenting on the launch, Simon Edström, CEO of Instantor said:
“At Instantor we are in the business of making peoples financial lives easier, we want to fuel the development of new financial solutions that help people to change their lives. I believe that by opening up our technology combined with the power of great developers, we can support ideas to become fully realised and transformational products. By using our Bank API businesses can now access data and implement something in an instant.”
Since 2010, Instantor has developed advanced analytical solutions and products using transactional data. To digitise the lending process, Instantor is empowering financial organisations to make better risk assessments using AI, as well as supporting people in emerging financial markets to verify and prove their identity, income, and employer directly online.
Helene Westerlund, CTO of Instantor, said:
“I’m excited to see what innovative new products will come from WDSK. We are experts in interpreting data, and we want to give startups an opportunity and empower them to build and launch consumer-friendly products quickly. As the price of data diminishes, there is now a real tangible opportunity to start making intelligent products on top of the data.”
It seems more financial institutions are opening up their APIs to fintechs and startups everyday. To follow this trend, click here.