SunTec has unveiled its out-of-the-box open banking solution, offering preset configurations and definitions, through its Xelerate billing system.

With the rise of open banking, SunTec wants to join the throng looking to prosper in a very competitive and crowded market.

The firm says banks can use the layer to get business value from their APIs through “end-to-end management, monitoring, and monetisation capabilities across the customer and partner value chains”.

Nanda Kumar, SunTec CEO, adds: “PSD2 and open banking will change the way banks interact with their customers. Banks which adapt to the new regulatory demands will evolve into marketplaces for their customers because they will source, package and deliver services to each individual customer.”

SunTec says Xelerate offers a transparent billing and accounts receivables engine. Banks can now monitor the performance of APIs, services, products and partners in real-time to “maximise revenue”.

In addition, it has an inbuilt price modelling framework and product bundling capabilities based on customer insights.