Open Banking

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.

Follow the latest developments in Open Banking, reported from Sibos 2018, here.

How do fintechs see the future?

By Tom Nijenhuis

The session The Future of Money, that took place in a packed room on day three of Sibos, was proof that fintechs have detailed and up-to-date visions of the future. They covered how data are the new oil, the role of bigtechs in the payments industry and, of course, the future of banking.
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SIBOS Wrap-up – Key themes of 2019 identified

By Tom Nijenhuis

Looking back, Sibos was an outstanding event where collaboration between banks and fintechs was encouraged, the importance of data was regularly highlighted, the shift from B2C to corporate banking was frequently discussed, the customer experience was underlined as crucial and the necessary change of banks was repeatedly mentioned.
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More hot reports from Sibos? Read all our Sibos-related blogs

We focused on Instant Payments, Open Banking and Future Developments and  published 'live' reports on numerous sessions that took place during Sibos 2018. 

What did early adopter Nordea learn about opening up customer data?

By Paul Jennekens

Liisa Kanniainen, Senior Strategic Advisor at Nordea, explains why Nordea took the lead in the Open Banking era, why PSD2-compliance is not the only reason for change and how she and Nordea see the banking future. She also explains how companies are discovering the power of Instant Payments.
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“The fragmented payment landscape leads to more complexity and security concerns for consumers”

By Paul Jennekens

Not just banks, but also third parties have created new mobile payment solutions, often in the form of apps and digital wallets. Niklas Killström, Head of daily banking, product management and development at the Finnish OP Financial Group, gives his personal vision on why the customer is challenged by a fragmented European payment landscape.
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Open Banking requires radical changes

By Tom Nijenhuis

On the first day of Sibos 2018, the panel session ‘Open Banking - What role for banks?’ took place. I attended this packed and insightful session, which focused on three main questions: What drives Open Banking? What assets and liabilities do banks have? And what does it take to win in an open banking environment?
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“PSD2: Business opportunities from Access to Accounts

This infographic shows some interesting business opportunities stemming from the PSD2 regulation that third party providers (TPP) can pursue. Moreover it shows what steps a company should take to become a TPP.
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PSD2: compliance and timelines

This infographic shows the requirements and timelines for becoming PSD2 compliant, including some highly interesting facts and figures. The deadline is rapidly approaching, so don't delay any further!
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