Implementation of
Savangard Open Banking

In the first phase of the project, Savangard assessed the client’s readiness to implement Open Banking. Most of meetings and workshops took place to raise awareness in that particular area, in consequence, paving the way to provide its enforcement.

Then the elementary implementation phase began, the main goal of which was to reproduce the guidelines in the API prepared for Kuwait Finance House (KFH). Step by step, components of Savangard Open Banking powered by Software AG were prepared and integrated with the Client’s environment. Followed by User Acceptance Tests during which the Savangard team provided necessary aid.

Entering an entirely new business area in the Middle East was the biggest challenge. The differences between the European approach were noticeable at every turn. The Savangard team rose to the occasion having many successful open banking projects under our belt, was able to use its experience adjusting to the new situation.

One of the biggest risks was the uncertainty related to the preparation of guidelines that are, in a way, the foundations for open banking regulations in the region. On one hand, the lack of regulations allowed for the best product fit to the client’s needs, but on the other, it required such preparation of the implementation that the established rules were as close as possible to the potential regulations prepared by Central Bank of Kuwait (CBK).

With the first TPP’s already onboarded KFH became the first bank in Kuwait to implement an Open Banking system. In consequence it joined the avant-garde, shaping the landscape of banking in the Gulf region.

Regardless of CBK regulations expected by banks in Kuwait, KFH will be ready to adapt to new requirements in shortest time possible. However, no adjustment work may be necessary as the Savangard Open Banking powered by Software AG technology has been prepared with the utmost care and in line with the forecasts of future regulations.

Savangard aims to shape the Open Banking future in the region. We have all the ambition and ability to lead the way as pioneers in that branch as we have already proven.