TAB Bank is using MuleSoft to build its open banking strategy

MuleSoft, a provider of the world’s #1 integration and API platform, announced that TAB Bank is using MuleSoft to build its open banking strategy and grow an ecosystem of partners.
MuleSoft event for IT professionals
TAB Bank will be using MuleSoft’s Anypoint Platform to meet customer expectations, now processing SME loans 60x faster than before.

TAB Bank is taking advantage of open banking by partnering with third-party fintechs and partners. TAB Bank is able to securely unlock access to core banking products with APIs built on MuleSoft that can then be reused for new solutions.

TAB Bank, leveraging an Open Banking API, transformed its online application experience from a fillable PDF application to a solution that enables customer account and transaction data to flow in real-time between back-end and third-party systems. TAB Bank offers customers a fully automated enrollment process that can be completed in just three minutes.

TAB Bank can use the open APIs built on MuleSoft to make banking data available in real-time so that it can speed up critical services for its customers. TAB Bank can integrate critical customer, account, and transaction data from disparate systems and processes to its open finance solution, Plaid Exchange.

In addition, with its data connected using MuleSoft, the bank can now streamline account creation so that customers can open new online banking accounts in just three minutes – 100x faster than it took previously.

TAB Bank dramatically sped up its business-critical Paycheck Protection Program (PPP) loan approval. TAB Bank reduced the time needed to process each PPP application from an average of 30 minutes to as little as 30 seconds, while reducing reliance on manual application approval processes by 80 percent.

“We have greatly simplified our loan approval processes with MuleSoft, helping us deliver 6,100 PPP loans that have protected more than 47,000 jobs during the COVID-19 pandemic,” Curt Queyrouze, president, TAB Bank, said.

Related News

Latest News

Latest News