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Open Innovation Platform FAQs

Open Innovation Platform (also known as OIP) is an innovation platform featuring a marketplace that enables users to actively collaborate, share ideas and innovate at the Sandbox. The lifecycle of innovation is supported on OIP; Design, Develop and Deploy phases.

OIP is not community specific. It can be utilized by Banks, FinTechs, Third Party Providers, Regulators, etc. Therefore all types of communities can benefit by utilizing the OIP. Here are a few examples:

  1. OIP for a Bank to actively collaborate with FinTechs in developing solutions for their business problems
  2. OIP for a regulator catering to multiple banks and multiple FinTechs in a single environment
  3. OIP for a Bank to enable employees within the bank to engage in solving their business problems

Yes, OIP is a developer portal and it acts as an API manager as well as the API gateway (built on top of Spring Cloud Gateway). The APIs are protected by the OAuth 2.0 authorization mechanism, therefore users will have to generate this token when trying out the API. OIP enables you to discover APIs, view their documentation at the profile, subscribe to them and try them using the Swagger 2.0 based API console. These subscribed APIs can then be used to mash up at the API IDE.The platform also performs sanity checks on the APIs and it will be displayed for the users.

There are 4 key components on OIP, namely:

  1. Marketplace: Discover Banks/ FinTechs/ Providers, Solutions and APIs published on the platform and authorised users can consume it respectively. The marketplace is also integrated with a FinTech Aggregator service that assists to scout, select and onboard relevant FinTechs/ Third Party Providers.
  2. Build: Identify APIs, utilize the synthetic dataset and APIs and build a solution leveraging the IDE (Integrated developer environment) provided on the platform.
  3. Community: Problem statements can be posted and users can discover these problem statements and constribute to it by sharing their ideas, solutions/APIs or feedback. Solutions & API modules consist of their respective forums where users can actively collaborate about each solution/API. A private community forum is available to actively engage with the community on the platform, about common topics.
  4. API lifecycle toolkit: Dashboards are available providing insight and analytics about the API usage and their sanity status. This allows you to understand how many API calls are made and also enables you to monitor the API status (Pass, Fail, etc.).

Yes, OIP can be integrated with your preferred gateway (e.g. APIGEE, WSO2, etc.).

You will be provided with the out of the box OIP solution (with out of the box feature set) white-labelled to suit your branding and hosted on your preferred environment, i.e. a public cloud or your private cloud or on premise.

It is a monthly or a yearly subscription model. The price is dependent on the features selected and the load of the platform. The defined price will cover the deployment, the cloud costs, the platform and the Application Support and Maintenance (ASM) for local business hours.

OIP hosted by Virtusa, on a public cloud with your branding and the out of the box features will take approximately 4 weeks.

If you have any further questions that have not been addressed on this FAQ page, please send us an email to support@oip.xlabs.one and we will respond to you as soon as possible.