SBI invests $20m in core banking-API integration firm OpenLegacy

Japan's SBI Holdings has invested $20 million in OpenLegacy Technologies, an American software firm that smooths API integration of core banking systems.

Citi, FIS and BNP Paribas-Cardif are among the clients for OpenLegacy's platform, which helps them to create microservices-based APIs to extend their core banking systems to the digital world, including the web, mobile and cloud.

The system let companies create APIs without the typical cost, staff, time and risk, bypassing complex middleware and connecting directly to the core banking system, automatically generating the APIs, and offering a variety of deployment options both on-premises and in the cloud.

SBI says it will now recommend using OpenLegacy's API platform to regional banks as part of its efforts for "regional revitalization".