![]() ![]() Secret number three, show me the money - any money. ![]() What has this “regulation” cost the UK consumer and tax payer? With all this chatter about innovation and big ideas, all the theatre of Open Banking and PSD2 APIs. Who is actually paying for it and what is the true cost given the total lack of consumer value?Įvery reasonable consumer in this country would challenge the CMA, for none of them asked for “APIs”. Find me a single customer that wanted an aggregated ATM locator or to open access to their transaction data and I’ll eat my proverbial hat. Most consumers rightly say, “I just want my bank to be better, I don’t want to share my data with anyone and certainly not a set of meerkats. We know who pays them – it’s banks and insurers”. Secret number two, well no one wants to talk about this gem. Finally, an MVP and market-wide collaboration on ATM locations.įinTech’s and Banks were all super-excited about the opportunity to finally change how people bank. They said, “Mobile Banking is dead” and suddenly everyone had an Alexa demo. Who cares that any voice from outside your letter box could get sending payments – this is innovation!īut none of it was real, Alexa doesn't do production it seems. In fact, I’ve yet to see ANYTHING even remotely interesting or revolutionary from Open Banking. Have you? We’ve had the advantage of seeing initial efforts play out in the marketplace and have applied the insights gained to our technology to help organizations become compliant, stay compliant and maximize the opportunities ahead.Banks tell us that they have vastly underestimated the cost and pace of change required to deliver Open Banking. It was meant to be beautiful, innovation theatres country-wide were packed with post-it notes, scrums and FinTech went into fever pitch. APIs for ATM and Branch locations and Product information tables went into production earlier this year. “This transformation will extend well beyond the current race to comply. “The costliest mistake financial institutions can make in the move to open banking is to focus only on the immediate fix,” said Lee Cameron, senior vice president, FinKit, Digital Banking, Fiserv. ![]() Financial institutions also have the option to utilize FinKit for Open Banking to authenticate TPPs and gain required consumer consent for information sharing. The solution includes access to pre-built PSD2 and Open Banking APIs and facilitates ongoing compliance through API version control, release management and distribution, the company said.įiserv added that the white label developer portal enables financial institutions to engage TPPs. “Sound strategic choices taken while these regulations are in their infancy will allow institutions to manage their resources to ensure compliance today, and to focus on innovation and competitiveness long-term.”Īccording to Fiserv, FinKit for Open Banking is a complete, fully managed service to run, monitor and support the application programming interfaces (APIs) needed to share information with trusted third-party providers (TPPs), while also facilitating business services and enabling developers. “Though PSD2 and Open Banking are chiefly viewed as regulatory requirements, they represent a significant opportunity for banks to partner with trusted third-party providers to integrate financial services into their customers’ everyday lives, while also driving more innovation inside the banks,” said Ken Paterson, vice president, Special Projects, Mercator. “As a result of these regulations consumers will be able to access financial information and initiate certain transactions previously only available through financial institutions through other parties they trust and interact with regularly.”įiserv said FinKit for Open Banking is designed to enable immediate and long-term compliance with these regulations and put in place the capabilities required for banks to maximize the opportunity of open banking. “The move toward open banking, driven by the European Union’s Second Payment Services Directive (PSD2) and the United Kingdom’s Open Banking Implementation Entity (OBIE), will transform financial services,” said Fiserv. BROOKFIELD, Wis.–Fiserv announced it has launched FinKit for Open Banking to help financial institutions meet and keep pace with rapidly unfolding regulations. ![]()
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