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APIs for Transaction Banking

I am trying to validate my assumption that while European banks are today working to comply with PSD2 regulatory requirements, they will move in the next two years from a payment-centric API strategy to a wider transaction banking-based API strategy, meaning that they could open APIs to fintech partners that connect to their cash, liquidity, trade, FX transactions.

Opinions, comments, critiques are more than welcome.



Comments: (2)

A Finextra member
A Finextra member 01 February, 2017, 14:04Be the first to give this comment the thumbs up 0 likes

Without question European banks are already begining to look beyond "payment-centric" API strategies. While PSD2 has been a great catalyst for debate on "open banking" its implementation scope it extremely limited by design. At eWise, we are engaged with a large number of European customers looking to implement more comprehensive financial data aggregation capabilities than PSD2 and the CMA remedies and Open Banking initiatives in the UK will enable.

Roberto Garavaglia
Roberto Garavaglia - Innovative Payments & blockchain Strategic Advisor - Milan 11 February, 2017, 21:30Be the first to give this comment the thumbs up 0 likes

Lots of EU banks are now trying to better understand how they must be/will be compliant with EBA RTS on SCA and CSC, since the "last minute" (November the 29th, 2016 ... less than two months before the PSD2 provisioned deadline) announced delay in submission from the Authority, still leave them in a sort of "limbo". Having said that, I think that now is the right moment to think in term of API strategy; any banks procrastinations can be fatal ...

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