A new era has arrived for the financial industry: a once so enclosed and secure sector has opened up. With the introduction of PSD2, banks have to allow third parties access to their customers’ payment (account) data, in order to stimulate competition in the finance sector.
Fintech start-ups and bigtechs such as Google, Amazon and Facebook have become third-party payment providers (TPPs), completely changing the landscape for banks and its end customers. Innovative payment solutions that offer a more efficient and user-friendly alternative to traditional solutions are firing up the competition between banks and TPPs.
During Sibos 2019, we will publish blogs about Open Banking based on the latest insights and recent developments. Subscribe to our newsletter and we will keep you up-to-date during Sibos.
blog article | 23 september 2019
SIBOS 2019 day 1: New challenges due to Open Banking and the benefits of Instant Payments
The first day of Sibos showed that stakeholders in the market have embraced the importance of APIs.
APIs play a crucial role in enabling customer data to third parties in the age of Open Banking. This means that APIs are no longer seen as a difficult technical matter, but as a crucial building block for the future.
‘The SPL scheme could be seen as a possible building block towards the development of pan-European payment solutions’
In this blog Christophe Godefroi, Senior Expert Standards and New Developments at the European Payments Council (EPC), talks about where we stand with the SPL scheme and what the value of this scheme is.
Head of Sibos Chantal Van Es: ‘The value of face-to-face meetings in the finance world still holds true today’
In late September, Sibos will arrive in London, one of the financial centres of the world. It is the first time that this annual banking and financial conference, organised by SWIFT, takes place in the English capital.
Nordea, one of the first banks to open up to fintechs: ‘We treat developers as customers’
Finnish bank Nordea was one of the first banks to launch a fully functional development portal.
Now, more than 4.500 fintechs are using the test environment (sandbox) in the portal.. Nordea explains the challenges and learnings they encountered.
‘Development of instant payments is supporting a progressive integration of European payment structures’
The impact of PSD2 and Open Banking is not yet as striking as Jean Clavel expected years ago. “Impact at scale is taking more time than we thought”, says the Managing Director & Partner of The Boston Consulting Group (BCG) about new developments driven by PSD2.
Sibos 2018 took place in Sydney between 22 & 25 October 2018. We created a special series of Sibos-related blogs around the topics Instant Payments, Open Banking and Future developments based on presentations and panel discussions that took place during Sibos 2018.
During Sibos, we will report on numerous sessions and panel discussions, in order to share the latest insights with everyone who's interested in what's happening at Sibos. You can receive these reports - straight from London - automatically by subscribing to our online newsletter.