We are in the beginning of a rapid transformation of the financial landscape. The PSD2 legislation coming into effect next year will allow 3rd party providers to access bank accounts on behalf of their clients. The ambition is to increase competition between different players in the financial market, which in the end will lead to improved servicing of the end customers.
Tieto’s Open Banking Platform ensures bank compliance with PSD2 directive and seizes the opportunities for application programming interface data monetization.
As far as I can see every company is making an Agile transformation.Whether that is very useful in all cases is up for serious debate, but most certainly it does hold merit when it comes to software……
Mexico has joined an elite group of nations, being amongst the first to pass open banking regulations. Specifically designed to open up its financial services and technology sector, the so-called ‘Fintech Law’ appears to have taken notes from PSD2, UK Open Banking, Singapore’s ‘organic’ approach,…
As the clock counts down to when Financial Institutions (FIs) must be ready for external testing for PSD2 open banking it is interesting to see how ready, or not, all other parties are in the value chain. Most national competent authorities have nothing published about how and where they will provide updates on Third-Party Provider (TPP) registration and approvals and many still have to begin the process of even approving/registering TPPs with some EEA markets yet to even transpose the regulations to local law.
Alan McIntyre pictures Open Banking ecosystems as Venus flytraps for growth. Read the post.
The best thing a banker can do today is regard the U.K. as a real-world fintech laboratory, track developments closely and seek opportunities to capitalize on change, writes Naomi Bowman, managing director for Berkeley Research Group in London.