SBI Holdings Invests $20M USD In OpenLegacy To Support Ripple-Based Payment App MoneyTap
Japanese financial firm SBI Holdings has invested $20 million in OpenLegacy, a provider of microservice-based APIs for legacy and core systems.
OpenLegacy accelerates the delivery of innovative digital services from legacy systems in days versus months. Its microservices-based API integration and management platform reduces manual effort by automating API creation, bypassing middleware complexity, while improving API performance and thereby staff efficiency. OpenLegacy’s platform is already being leveraged by Fortune 500 companies like Citi, Liberty Mutual, FIS, and BNP Paribas-Cardif, to name a few.
In a press release, SBI said that it invested in OpenLegacy because of the company’s long-term technology promise and to accelerate its own digital transformation activities. According to SBI, it will use OpenLegacy’s tech to spearhead two key strategic efforts: building Internet banking across SBI’s growing portfolio of Japanese banks, and instituting blockchain-based payment app Moneytap in Japan and globally.
MoneyTap was launched in October 2018 by SBI Ripple Asia, the Asia-Pacific partnership of SBI and blockchain startup Ripple. The app enables real-time, round-the-year domestic money transfers between bank accounts using xCurrent, Ripple’s blockchain system that allows users to make transactions in different currencies globally. It reduces the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan.
“OpenLegacy will enable our portfolio companies to quickly launch digital innovations, integrating, leveraging, and extending our legacy systems in a fraction of the time, all without changing the underlying systems,” said Yoshitaka Kitao, SBI Holdings President & CEO.
“SBI’s use cases demonstrate the range of achievements that OpenLegacy’s technology makes possible,” said Ron Rabinowitz, OpenLegacy’s President. “The investment opens the door to Japan, the world’s second largest mainframe market. It is an important milestone in our global expansion; we’re now serving the world’s top clients across the United States, Europe, LATAM and Asia.”
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