In its mission to provide the most innovative financial services, D Commerce Bank partnered with the leading open banking provider in the region, IRIS Solutions, to optimize the customer experience and improve the efficiency of financial management for the bank's clients. Together, they created a multibanking solution that grants access to all customer accounts in one place. This project reinforces the role of open banking and marks a significant step forward in the digitalization of banking services in Bulgaria.
Implementing the Open Banking Multibanking Solution
The multibanking project was implemented through several key stages. Initially, IRIS Solutions ensured connectivity with major banks in Bulgaria and the region through its robust API infrastructure, which facilitates secure and easy data sharing between financial institutions. This allowed D Commerce Bank's clients to add and manage their accounts from other banks directly through the bank’s digital platform.
After successfully integrating with external banks, a unified user interface for managing multiple bank accounts was implemented. Clients can now track balances and transactions across all their accounts, regardless of the bank. The system also enables easy and secure payment initiation directly from the platform without the need to switch between different banking apps.
Benefits for Customers and the Bank
With the introduction of the multibanking solution, D Commerce Bank’s clients gained significant improvements in how they manage their finances. They can now:
Access and manage all their bank accounts from different banks in one place;
Make payments directly through the unified platform;
Track account activity in real-time without using multiple banking apps.
On the other hand, D Commerce Bank benefits from offering its customers an innovative service that boosts engagement and satisfaction. This solution helps the bank retain and attract new customers by providing flexible and modern financial tools that meet their needs.
The Success of the Project and the Future of Open Banking in Bulgaria
The implementation of the Open Banking Multibanking solution at D Commerce Bank is another step toward the digital transformation of the banking sector in Bulgaria. IRIS Solutions and D Commerce Bank continue to collaborate to improve and expand services, exploring new opportunities for integrating additional financial institutions and functionalities.
This project demonstrates that open banking not only optimizes financial services but also enables innovations that fundamentally change how users interact with banks. D Commerce Bank and IRIS Solutions prove that strategic partnerships in fintech can bring significant benefits to all parties involved—banks, customers, and the entire financial sector.
Want to implement open banking in your portfolio?
Comments