Investec has introduced Programmable Banking to enable its tech-savvy clients to programme their own banking experience.
Programmable Banking will also give developers the opportunity to integrate and connect with Investec’s developer community in collaboration with OfferZen.
According to the financial services giant, the application programming interface (API) channel is an evolution of its Web and mobile channels, and enables access to transactional data in real time directly from the client system.
The client doesn't need to login to online banking to get a transaction history, for example. Additionally, if they connect the API into a system, such as a Xero accounting package, or even into their own business systems directly, they can set it to ping Investec’s banking system and send transactions every hour, or every day at 8am – giving them full visibility.
"Think of an API that allows users to bank from their own systems that they use every day. They can connect online via Google Home for example or ask Siri to make a transfer payment, rather than using online banking. It's convenience with control."
Devina Maharaj, program head of Investec Business Online and API Banking, says the bank hopes the new service will encourage growth within the software developer community.
How it works
By opening an exclusive Private Bank or Business Account, business owners and IT professionals such as software developers, programmers, engineers, and full-stack and UX engineers, can activate Programmable Banking on their accounts.
Through an API, clients can access their local Investec account data and transactional information online in real-time and use Programmable Banking to manage transaction activity on any linked Visa cards.
Maharaj says a programmable card account enables a business or private banking client to create code that runs before or after each transaction. “Clients can leverage the Investec API to define rules using simple code to approve or decline specific transactions for any Investec Visa Card linked to their account.”
In addition, clients can integrate the card with a range of platforms and internal systems to optimise their businesses processes, and will have the ability to send transactional data in real-time via accounting systems like Sage or Xero, and messaging apps including WhatsApp, e-mail and Slack.
“Businesses can even use Programmable Banking to control card transactions per merchant or payment category,” she explains.
Developing developers
Cumesh Moodliar, head of Investec Private Bank SA, says that offering this level of customisation to technically-proficient professionals is in line with Investec’s strategy to help software engineers and IT professionals grow their wealth and unlock new opportunities.
"By investing in this particular market segment, we believe that we can have a significant impact on society and the economy at large,” says Moodliar.
With access to over 100 000 developers in the broader OfferZen community, the bank hopes its business clients and technology partners can leverage ideas across all industries to co-create business solutions.
To date, more than 500 developers have joined this initiative in beta, he says. Community members can access code and demos of web prototypes from other developers via GitLab and see what other community members are building during monthly demos. They can also have their demos converted into blog posts that get shared with OfferZen newsletter subscribers.
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