PSD2 heralds a new era of openness in European banking, where banks must provide access to account information and payment initiation to regulated third parties.
Banks, therefore, will not always manage the end-to-end value chain. In some cases, they will be the manufacturers of products that regulated third parties distribute, and in others banks may be the retailers distributing third-party products. Managing third-party engagement and the new three-way relationships with customers will be critical to banks success.
Although regulation is driving the change, banks can choose to go beyond the legislative requirements to enhance competitiveness and drive new revenue streams.
If you want to find out more about the different perspectives behind Open APIs and their mechanics, then watch FIS’ Open APIs mini-video briefing series.