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Unisys prepares Elevate platform for open banking

Unisys Corporation has launched an updated version of its Unisys Elevate omnichannel banking software platform, which enables banks to adopt an open banking approach.

Originally launched in February 2017, Elevate is an end-to-end, digital banking software platform and suite of applications designed to help financial institutions deliver an instantly secure, omnichannel banking experience to customers.

Announcing the update, Unisys noted that “open banking allows financial institutions to share data with other organisations and easily access third party applications and services that they can then offer to customers as a way to personalise and improve the banking experience.”

Main features

The US-based IT provider says that the just-released new release of Elevate includes key components to help financial institutions take advantage of the benefits provided by open banking:

  • Data management for personalised offerings: As more data is generated and shared by consumers, managing data presents a challenge for many financial organisations. Elevate features an advanced analytics platform that accrues data across all available banking channels and enables the bank to create personalised offers and generate dynamic content based on a customer’s spending habits, as well as provide actionable insight into their spending or savings needs.
  • Application programming interfaces (API) integration: A benefit of open APIs is that they facilitate a bank’s ability to integrate new products and services without having to perform a “rip and replace” of legacy applications. However, blending legacy infrastructures with modern tools and technologies via open banking requires changes to existing architecture and increases the complexity of the IT ecosystem. The new version of Elevate features an API portal that facilitates the seamless integration of third-party data and services into a bank’s platform without disruption to the bank or the customer.
  • Security across multiple touchpoints: Financial institutions must take care to understand the security protocols of the third parties they are doing business with and be assured that their customers’ data is secure while in motion and at rest. Elevate is secured by Unisys Stealth security software, which provides dynamic isolation capabilities to quickly isolate devices or users at the first sign of compromise.

“What makes this new version of Elevate truly unique is that it takes the new transaction channels made available by open banking and allows banks to seamlessly integrate them into their offerings,” said Maria Allen, vice president and global head of financial services, Unisys.

“Not only does this enable a truly omnichannel experience where the customer can securely complete a transaction from any location and from any device, but it establishes the bank as an integral part of the customers’ life – a ‘one-stop-shop’ where they can get personalised products and services they want, when they want them.”

The company adds that the influx of data associated with an open banking model makes security a big concern for banks. Stealth reduces attack surfaces by creating dynamic, identity-driven microsegments called communities of interest (COIs). By establishing secure COIs, Stealth separates trusted systems, users and data from the untrusted. It further reduces attack surfaces by encrypting all communication between Stealth-protected assets and cloaking the assets from unauthorised users.

Stealth’s dynamic isolation capabilities allow clients to quickly isolate devices or users at the first sign of compromise, stopping attacks in progress. Having the ability to not only identify but also isolate threats within seconds allows an organisation to respond forcefully to attacks without disruption.


This item appears in the following sections:
Bank Relationship Management & KYC
electronic Bank Account Management
Know Your Customer
e-Identity
Connectivity
Electronic Banking Connectivity

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