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Report

Open Banking and APIs – a new era of innovation in banking

Research Type: Overview
Published: 21 Jul 2017
Pages: 45
File Type: PDF
Size: 3894kb
Analysts: Nita Andreea
Geographic Scope:    World
Editions: Online & Mobile Banking
Topics: Online-Payments

The Open Banking & API Report 2017 gives insight into the nascent landscape of Open Banking in Europe

Divided into two parts, it aims to provide necessary insights to help readers understand the latest developments on the topic, as well as practical examples and best practices in Open Banking. First, the report elaborates on the innovations in Open Banking and the issues that still stand in the way of universal adoption. Afterwards, we will dive into the best practices and new business models in both banking and fintech.


PSD2, and XS2A (access to account) in particular, are accelerating change in payments, innovative banking applications, and respective business models by leveraging payment functionality and account information. The Open Banking ecosystem is brimming with potential, but there is still much debate on the functional scope of “access to account”, effective business- and operational models, and standardisation in terms of technology, legal, and operational matters.


In this report, we aim to give an overview of the key issues that come with open access. We have asked key players in the market; banks, consultants, merchants, and fintech to give more insights into the debate and the key topics that need to be addressed and solved in order to fully leverage the potential of Open Banking.


The second part of our report explores the strategic implications Open Banking has for banks and the changes that it will bring for product creation and distribution. It also provides a synopsis of what the new regulations put forward by PSD2 will entail and how can these be adopted and implemented by the banking industry.


Regulations, technology and changing consumer behaviours have given Open Banking a significant boost, but the banking industry still has to come up with solutions and rules for granting open access to technology infrastructure and account data. The report addresses several key points:


  • Standardisation and harmonisation – working together towards a common frame network (Deutsche Bank & Innopay);


  • Open access as an element in the collaborative spectrum for innovation - legal issues to consider (Simon L. Lelieveldt, Gijs Boudewijn - Dutch Payments Association, Ralf Ohlhausen - PPRO, Frédéric Mazurier - Market Pay at Carrefour Group);


  • Security and identity aspects – giving impetus to artificial intelligence market (Feedzai) and intelligence sharing for strong customer authentication (ThreatMetrix)


  • Access to account opportunities - making PSD2 access to accounts work in practice (equensWorldline);


  • Strategies to reinvent customer engagement (VODW);


  • Collaboration between banks and fintechs to create new customer value (Rabobank, BBVA, Nordea);


  • Digital transformation and culture change – banking services via nonbanking channels (BBVA, Nordea).


The Open Banking & API Report 2017 anticipates important changes in the banking industry and it is an essential reading for anyone who wants to be ready for Open Banking under PSD2.


Download your free copy now! We are always happy to receive feedback from our readers! Share your thoughts on the topics developed in Open Banking & APIs Report 2017 at editor@thepaypers.com.


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