Innovation & Digitalisation

Forget the learned to stay relevant.

New technologies such as the utilisation of interfaces and regulatory developments ensure that financial products are easier to create. We no longer view banking as a closed system, but use our technological adaptability to improve banking infrastructures in a focused and sustainable way.

Why BO1 relies on the blockchain

The ATM of the future.

Distributed ledger technology allows us to monitor the recording and sharing of data in multiple data stores and their synchronisation of transactions in distributed networks of participants via the blockchain.

This technology will increasingly simplify the cooperation between different financial systems within different blockchains.

Chains that work with different protocols can thus exchange and transfer data and values across industries.

In this way, for example, payment transactions are sustainably encrypted and data misuse is ruled out. We also use a data authentication system based on zero knowledge.

Customers use previously agreed data to check their scoring online through partner services. Thus, only the information required for the respective scoring is passed on, while all other data remains secure on the server of the reliable provider or user.

API technology

Source code is colourful.

Our APIs allow us to develop financial products faster, easier and cheaper than ever before. Development leads to a shorter time to market. If a feature is not part of your core business and unique selling proposition, it is easier to use interfaces than to develop new features.

We therefore limit the development time of products and services and are able to identify and load value chains in financial ecosystems faster. Interfaces offer enormous potential for reuse. With APIs, multiple products and services can be created at much lower cost.

Our interfaces can be shared across business units and with external partners. This helps to build new business relationships and thus enables us to work with our partners on new innovations.

Briefly explained

The blockchain is a storage system that aggregates incoming information into data blocks, validates them and chronologically chains them together. Once a data block has been added to the blockchain, it can no longer be modified.

Each new data block is duplicated and distributed to all participants of the blockchain network. The blockchain can therefore also be described as a decentralised database in which every transaction is registered and documented by all participating parties. Every modification can always be tracked and creates additional transparency.

The fundamental advantage is that unintentional manipulation is almost impossible as the data is not stored in a single instance, unlike in conventional databases.

The financial industry’s level of interest in blockchain is growing exponentially. The blockchain enables direct P2P transactions. Unlike traditional transactions, which rely heavily on central counterparties such as banks to provide clearing and storage of information, Blockchain transactions are managed in a network of nodes.

The advantages are faster processing, fewer redundant intermediaries and finally lower costs. The blockchain reduces the complexity of processes by eliminating unnecessary elements of an infrastructure.

API technology is one of the most important elements of digitalisation. It is an open interface for applications that makes specific parts of a software program available to another software.

This specifically for the exchange of data developed connection enables third-party providers to access and utilise the information useful to them.