IDEAS home Printed from https://ideas.repec.org/a/aza/jdb000/y2017v2i2p171-178.html
   My bibliography  Save this article

‘Mobile First’ will become ‘API First’ — PSD2: Changing banking as we know it

Author

Listed:
  • van de Venn, Peter-Jan

    (Five Degrees, The Netherlands)

Abstract

Under PSD2 (the European Commission’s revised Directive on Payment Services), banks are required to open up access to account data to third parties at the request of customers. Additionally, the related GDPR (General Data Protection Regulation) requires banks to ensure the portability of their customer data. As PSD2 presents an entirely new legal structure for payments across the EU, its impact will be overwhelming. As we move towards open application programming interface (API) banking, PSD2 is expected to be a catalyst for unprecedented customer-oriented change: banks and FinTechs should leverage PSD2 opportunities and amend their operating, business and revenue models. In response to PSD2, banks face existential choices: to become mere ‘bare-bones’ utility providers or the ‘orchestrating hubs’ to facilitate customers, services, providers and payments. There will be new alliances with FinTechs to benefit from each other’s strengths and respond to changing customer demands in a unified European market. Market players that have the greatest control over their capital, customer touch-points and corporate agility will be successful.

Suggested Citation

  • van de Venn, Peter-Jan, 2017. "‘Mobile First’ will become ‘API First’ — PSD2: Changing banking as we know it," Journal of Digital Banking, Henry Stewart Publications, vol. 2(2), pages 171-178, September.
    • Handle: RePEc:aza:jdb000:y:2017:v:2:i:2:p:171-178
    as

    Download full text from publisher

    File URL: https://hstalks.com/article/863/download/
    Download Restriction: Requires a paid subscription for full access.
    File URL: https://hstalks.com/article/863/
    Download Restriction: Requires a paid subscription for full access.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    API; banking; PSD2; FinTech; marketplace; API economy; regulatory; customer; innovation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aza:jdb000:y:2017:v:2:i:2:p:171-178. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Henry Stewart Talks (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.