Mizuho Bank has opted for a suite of IBM services to power its open banking ambitions in Japan.

The bank will use IBM’s FinTech API solution, API Connect on the IBM Cloud and IBM DataPower Gateway. The shift to API banking is a common theme for many in fintech at present.

According to IBM, the technology will enable banking customers to use personal financial management services provided by Mizuho’s business partners and offer tailored internet of things (IoT) payment services.

Masahiko Kato, senior technical officer, Mizuho Bank, says: “Instead of competition, Mizuho continues to collaborate with business partners to create and provide innovative, secured services for customers.”

Based on the Banking Industry Architecture Network (BIAN), IBM says its FinTech API solution provides financial institutions (FIs) with such uses as balance inquires in domestic banking operations.

Isolation and collaboration

The fintech ambitions of Mizuho and IBM can run together or in isolation.

Last month, Mizuho announced plans to start a venture to create new fintech businesses and catch up with its rivals.

While in April, Mizuho Financial Group, Mizuho Bank and IBM Japan all teamed up to build a blockchain-based trade financing platform – with commercialisation edging ever forward.