The banking revolution: A sneak preview

The banking revolution: A sneak preview

The recent APIDays London 2016 conference brought together the great and the good from the banking, finance and payment industries as well as programmers and technology specialists. Everyone had one common objective – to be part of a banking revolution. As Chairman of a FinTech company, I often find myself talking to banks, depositors and investors about our own vision for the future with a childish excitement about what it holds. Here I was, in a room with 350 others who needed no convincing, in fact, had fascinating views and insights of their own. So here are the game changers….

Payment Service Directive v2 (PSD2)
Coming into effect in January 2018, PSD2 will allow greater payment and account information to flow into and out of our financial service providers (i.e. the bank that we all use for day to day banking).
Open Banking Working Group (OBWG)
Formed in 2015, the OBWG released a report in 2016 laying out the template for how this exchange of information should be structured and reviewed important aspects such as security and data protection.
Application Programming Interface (API)
APIs are a set of functions and procedures that allow the creation of applications which access the data of an operating system, application, or other service. The apps on our phones are everyday examples of APIs at work.

Sourced through Scoop.it from: www.cambridgenetwork.co.uk

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