We have supported the first banking groups exposing public payment initiation and account information APIs aligned to the UK Open Banking standards. IBM has built significant experience in this space. Not even the regulators have figured out all the pieces of the puzzle, while deadlines are fast approaching. Even if your strategy is to do the bare minimum to achieve compliance you need to manage an uncertain environment. Your customers expect great digital services and your competitors partner with Fintech to launch new products. We need to run faster and faster to stay in the same place”. The lead architect of the open banking program of a major bank once mentioned: “We are like the Red Queen of Alice in Wonderland.
#MONEYMONEY PSD2 API SUBSCRIPTION HOW TO#
If the estate is patchier you’ll need to think about how to reach the data, before worrying about how to expose them to the external world. If you have a "clean" architecture with customer-centric systems of records that are decoupled from your digital channels you can count on a solid foundation. Integration. The level of complexity of the integration challenge can vary dramatically, depending on the maturity of your IT landscape.You also must share account information handling all the risks related to data privacy and confidentiality. In the “open ecosystem” promoted by PSD2 you have the further complication of not being in control of the vetting of your API consumers. Exposing a payment API on the public web is difficult enough. Whether you like it or not, you are facing key technical challenges, including security, integration and adapting to an evolving ecosystem.
Open banking is transforming financial services, empowering the end customer and promoting the creation of new value chains. The second payment services directive (PSD2) accelerates this transformation across Europe, forcing banks to open their systems and enable customers to share their financial data with other organizations. Web APIs make these interactions possible through a secure and easily accessible communication channel.Īs a bank, you are part of this ecosystem.
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