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.

CEO Christian Sewing of Deutsche Bank remains optimistic in these turbulent times

According Deutsche Bank it is a turbulent time. In his presentation at Sibos, the CEO was not so much referring to the largest restructuring of the German bank ever, but to the geopolitical tensions that are jeopardizing global economy. "The situation in Hong Kong, the trade war and the Brexit. are risk factors that bite.”
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Use your resources where you can make a difference to your customers

According to Helle Koggersboel of Worldline, banks put a lot of their resources into compliancy. But: this is just keeping your head above water without doing anything extra for your customers.  Instead, they should look for partners who can solve the compliancy issues and focus on where they can make a difference for their customers. 
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Citi delivers the ultimate wake-up call for banks

Open Banking is a test case for the banking industry. Can banks move into the 21st century, or will they leave a vacuum that will be filled by bigtechs and fintechs? 
This question by Tony McLaughlin, Emerging Payments & Business development at Citi, reflects the urgency for banks to ”show up” in the Open Banking space. From his story it became clear that time is running out.
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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. 
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‘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. 
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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.
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‘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. 
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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. 
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Open Banking | Sibos 2018-related blogs

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.
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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. 
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