Of banks in Europe, North America and Asia have implemented or are planning to roll out open API banking services in the next two years
Open Banking is bigger than mere regulation. It’s true that regulations have provided the initial thrust toward open banking—PSD2 in Europe, the UK’s CMA9, and Mexico’s Fintech Law, among others. But customer demand and fierce competition are also driving open banking, even in countries without explicit mandates.
Compliance isn’t enough. Without providing additional value within their open banking platforms, such as real-time payments and next-generation transaction banking capabilities, traditional banks run the risk of relegating themselves to the role of back-office providers.
Speed is a competitive advantage. Banks need technology that allows them to easily achieve compliance as well as quickly add more advanced capabilities. The key to gaining a competitive edge lies in being able to modernize progressively and evolve to a truly open ecosystem that is adaptable to a rapidly changing environment.
An extensible platform for payment initiation, account access, and other API-based open banking services that can be deployed as an integrated stand-alone solution or co-exist with existing assets.
Volante Technologies’ global head of payment products, discusses Open Banking and PSD2 regulation.
Learn why you need to look beyond compliance and focus on the business opportunities of open banking.
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