Open Banking has been on our radar for several years now, with Nordics APIs first publishing a post on PSD2 back in 2016. Since then there’s been continual coverage in the financial industry press on the promise of Open Banking, with predictions of a “revolution” as FinTechs unlock the banking market and provide the tools, apps, and functionality that bank customers want yet are not provided by their banks. Read more
Posts Tagged: banking APIs
It’s fair to say that the current noise around Open Banking is almost deafening. We constantly hear about the potential of this new market — driven by APIs — to change financial services by increasing consumer choice, crushing incumbent banks, or making a barrel of cash for a cool startup. Read more
The European financial services industry is on the cusp of a technological revolution. Reforms like PSD2 and the CMA initiative in the UK are forcing traditional banking institutions to enter the API Economy as active participants.
Great news for the FinTech scene, one would think; at last the banking platforms are being opened up ready for third-parties to securely access a customer’s data without the need to screen scrape online banking interfaces (also frequently referred to as ‘direct access’). Read more
On the European FinTech stage, forthcoming initiatives and regulations will both disrupt and foster innovation in the banking sector of the API economy. The most significant of these is the Payment Services Directive 2 (PSD2), a new regulation that will apply across the European Union and is likely to result in a huge increase in the number of APIs for banking products. Read more
With negative public connotation still ringing after the Global Financial Crisis, banking institutions are usually portrayed as monoliths, slow to change even amidst obsolescence and new technological advances. This won’t be for long, as the FinTech sector is becoming increasingly open and programmable. Read more