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API deep dive: Who will thrive in an open banking world? Why meeting regulatory requirements is not enough for banks to remain relevant

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  • Kröner, Matthias

Abstract

Forthcoming regulatory changes in Europe and UK represent a significant opportunity for banks to implement new digital strategies. With the update to the Payment Services Directive (PSD2) having come into force in January 2018, changes to the way customer data are processed and shared with third parties are underway. Application programming interfaces (APIs), will be the digital tools that usher in this new age of customer convenience. Fidor has leveraged APIs for over six years. This paper shares this experience with banks that wish to become more open. It will look at the role APIs are set to play in the open banking world, and how they will dictate which organisations will prosper.

Suggested Citation

  • Kröner, Matthias, 2018. "API deep dive: Who will thrive in an open banking world? Why meeting regulatory requirements is not enough for banks to remain relevant," Journal of Digital Banking, Henry Stewart Publications, vol. 2(3), pages 198-203, February.
    • Handle: RePEc:aza:jdb000:y:2018:v:2:i:3:p:198-203
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    More about this item

    Keywords

    PSD2; XS2A; FinTech; open banking; open APIs; PSPs; payments;
    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

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