SBI's investment accelerates its Internet banking and Moneytap initiatives while opening the door for OpenLegacy to the world's second-largest mainframe market after the United States
PRINCETON, N.J., Feb. 3, 2020 /PRNewswire/ -- Tokyo-based SBI Holdings, the leading Japanese financial services company, has made a $20 million strategic investment in OpenLegacy, the market leader in microservice-based APIs for legacy and core systems.
SBI has made the investment based on OpenLegacy's long-term technology promise as well as to accelerate its own digital transformation activities, using OpenLegacy's technology to spearhead two key strategic efforts: building Internet banking across SBI's growing portfolio of Japanese banks, and instituting Moneytap, a blockchain-based payment application in Japan and globally.
"OpenLegacy will enable our portfolio companies to quickly launch digital innovations, integrating, leveraging, and extending our legacy systems in a fraction of the time, all without changing the underlying systems," said Yoshitaka Kitao, SBI Holdings President & CEO.
OpenLegacy's platform is already being leveraged by Fortune 500 companies like Citi, Liberty Mutual, FIS, and BNP Paribas-Cardif, to name a few.
The solution reduces the time, cost and risk normally associated with digital transformation by connecting directly to legacy systems, automatically generating microservice-based APIs, and deploying on-premises or in the cloud. OpenLegacy reduces total cost of ownership by bypassing layers of middleware, and delivers digital services without changing the back-end legacy system.
OpenLegacy further enables seamless integration into existing or new DevOps pipelines because of its compatibility with modern code development practices. Furthermore, by working with the development team to generate custom-built templates, site-specific standards can create consistently robust services at an unprecedented speed.
"SBI's use cases demonstrate the range of achievements that OpenLegacy's technology makes possible," said Ron Rabinowitz, OpenLegacy's President. "The investment opens the door to Japan, the world's second largest mainframe market. It is an important milestone in our global expansion; we're now serving the world's top clients across the United States, Europe, LATAM and Asia."
The Tokyo-Japan-based SBI Holdings focuses on three core businesses in the Financial Service area: securities, banking, and insurance. It provides financial products and related services mainly based on securities, banking, insurance, and housing loans. It also engages in the "Asset Management Business," which invests in Japanese and overseas venture companies in the fields of IT, biotechnology, environment/energy and finance, and in the "Biotechnology-related Business," which develops cosmetics, health foods, and drug discovery.
OpenLegacy accelerates the delivery of innovative digital services from legacy systems in days versus months. Our microservices-based API integration and management platform reduces manual effort by automating API creation, bypassing middleware complexity, while improving API performance and thereby staff efficiency. Its software directly accesses and extends business logic to web, mobile, or cloud innovations in the form of Java objects, Rest APIs, or SOAP. Most importantly, this process is not only fast, easy, and secure, but also unintrusive to existing system architectures. Business and IT teams can therefore quickly deploy to market the digital demands of their customers, partners, and employees without ever having to modernize or replace their core systems. Learn why leading companies choose OpenLegacy at http://www.openlegacy.com.