CMA, PSD2 and API: A solution for open banking
Banks should avoid treating the delivery of CMA and PSD2 APIs as just another compliance project and instead take the same approach as when delivering new customer products such as mobile banking apps or mortgages .
On August 9, the Competition and Markets Authority (CMA) released the final report on its investigation into the retail banking market. It found that the market is “still not as innovative or competitive as it needs to be”. In response the report outlines a package of remedies which include mandating that larger banks adopt and maintain a common standard for open APIs (Application Programming Interface). To comply – and to benefit -the best approach for banks is to treat APIs as customer products. But what does this mean in practice?
Sourced through Scoop.it from: www.finextra.com