Developed by Standard Bank and OfferZen, Root solves the problem FinTech developers face of having to conform to working through existing bank platforms and the potential red-tape involved in interfacing with large banking corporations. Instead developers will have access to develop on top of the lightweight Root platform for creating new banking products interfacing with a credit card, online bank account, or mobile app. Root’s mission is to eliminate the barrier to entry for development within the financial sector. It enables any software developer to develop a FinTech product without any special access to the banking sector.
This platform could be a game changer for FinTech development, allowing developers much more freedom to innovate. The platform is backed by Standard Bank who provide the underlying banking services and regulatory framework.
Pricing has not been announced as yet, but the service is due to launch end June 2017.
For more information on Root, view their press page here.
Listen to the BWTHBLOG podcast below for more on the Root platform.
This article was edited from the BWTH blog post on it here: http://www.bandwidthblog.com/south-africa/root-credit-card-south-africa/