United Commercial Bank launches microservices-based open API banking platform

United Commercial Bank PLC (UCB) has launched a microservices-based open API banking platform following an upgrade to its core banking system (CBS).

The new open API infrastructure enables UCB to securely exchange data and services with third-party applications and fintech platforms, subject to customer consent.

This development paves the way for a wide range of enhanced possibilities for customers, including tailored and personalised financial services; seamless integration across various platforms and applications; greater control over their overall banking experience; and access to cutting-edge fintech and start-up innovations.

Mohammad Mamdudur Rashid, managing director and chief executive officer of UCB, inaugurated the platform at a press conference held at the bank’s head office in Dhaka today, according to a press release.

Commenting on the initiative, Rashid stated, “This achievement is not merely a technological upgrade; it marks a bold step forward for the entire financial sector of Bangladesh.”

He added, “By embracing a modern, customer-centric banking model, we aspire to set a benchmark that encourages innovation and excellence in service delivery across the industry.”

Utilising a microservices architecture, UCB is now able to manage each core banking function such as account opening, loan processing, and security verification as an independent module.

This approach facilitates more rapid feature deployment, enhanced technical resilience, and increased capacity to serve a large customer base concurrently.

As part of its digital transformation journey, UCB has upgraded its FlexCube Universal Banking Solution (FCUBS) from version 12.2 to version 14.7.

Md Abdullah Al Mamoon, deputy managing director and chief operating officer of UCB, was present at the event, along with senior representatives from Oracle, UCB’s technology partner in the transformation project, and other senior officials from both organisations.