The Paypers releases Open Banking Report 2018

The Paypers is committed to delivering clear perspectives on the Open Banking ecosystem to help all players understand the opportunities it offers, also providing an analysis of the state of play of Open Banking and the most notable initiatives in the European Union (driven by PSD2), the UK (driven by the Competition and Markets Authority), and even beyond Europe (into Australia and Asia Pacific).

Geography delineates the concept of Open Banking, as well as its complexity. From the UK, to the rest of Europe and beyond continental borders, we unravelled the particularities of the current state of play:

- the work put into implementing PSD2 and towards Open Banking (INNOPAY and Deutsche Bank);

- insights on why the introduction of PSD2 APIs hasn’t yet really stirred the wave of competition, innovation, and new services that were expected (Consult Hyperion);

- the progress of Open Banking in the UK and the learning points so far (Imran Gulamhuseinwala, Trustee of the OBIE), without setting aside the emerging landscape of this regulation in Australia and how banks are preparing for openness in Europe and Asia Pacific (Holland FinTech).

We had a look at all the various ways of leveraging the opportunities of Open Banking, after the entry into force of PSD2 in January 2018:

• the roadmap to how Open Banking created a two-sided ecosystem between banks and TPPs and all the new use-cases that emerged (Token);

• the revolution of Open Banking and digital banking platforms for banks (Worldline);

• an overview of how companies can become PSD2 compliant (Volante Technologies);

• the fine points of how open business banking Is good business for banks and entrepreneurs (Bankifi);

• an exclusive Interview on how ONPEX positions in the Open Banking and payment ecosystems;

• the reasons why speeding up the API journey is imperative for banks’ success (SDK.finance).

As PSD2 could introduce new waves of fraud in never-before-seen patterns, we focused on offering practical guides and advice for players to identify, detect, and respond to threats in Open Banking:

• the process of managing third-party risk under PSD2 (Feedzai);

• strong customer authentication and how it can create a framework for identifying, detecting, and responding to threats in Open Banking (Threatmetrix);

• outdated APIs can be an open door to financial fraud; unsupervised machine learning can shut that door, according to Data Visor.

Stressing the importance of customer experience, banks and experts shared best practices and strategic responses in Open Banking:

• the anatomy of aggregation services (BNP Paribas Fortis);

• an overview of how bringing the best experiences and solutions to users is essential to stay relevant for banks (Rabobank);

• an exclusive look at Nordea’s Open Banking journey.

The report contains some very useful educational insights and great contributions from INNOPAY, Mobey Forum, and Aite Group, on creating value through Open Banking, how sharing transaction risk data leads to success in this niche, corporate onboarding processes, or strategic options for banks in the PSD2 age. The new edition of The Paypers’ Open Banking Report is endorsed by Holland FinTech, an organisation fostering innovation within the financial services industry.

As we, here at The Paypers, strive to provide a valuable educational background with a special emphasis on the global Open Banking ecosystem, PSD2 and managing consent, APIs harmonization, and best practices of banks, we recommend this read for all the experts in the field, by downloading a free copy here.