PSD2 will push the adoption of open data in banking
across Europe, giving greater access to payment accounts. Europe is watching
the UK - and whatever happens in the UK this year is very likely to influence
how PSD2 plays out.
At times like these, there is
huge value in the industry coming together and sharing thoughts and approaches.
Leading European banks and financial services organisations gathered in London
on May 19th at Apigee’s Open Banking and PSD2 Summit. The key topics
discussed were how open APIs can enable you to provide better products and
services for your customers and how banks and fintech companies can engage
in mutually beneficial partnerships.
Jeremy Light, MD Payment Services at Accenture
highlighted the importance for businesses not to view opening their APIs and
implementing PSD2 as an experiment – this is not something you do as minimally
as possible just to comply. Rather you need to consider how you get more
aggressive about your API model of business and scale your ecosystem through
the use of APIs.
It’s time to start doing –
key next steps to get your business ready for PSD2
The aspirational goal is that every bank is well
on its way to becoming digital but we want people to think API first and API
centric as way of implementing this. Connected digital experiences most run on
APIs. How APIs can expose every one of your systems and getting your data out
there for consumption.
Best way to get started – get started! Pick 2/3
biggest pain points and put an API in front of these things and then grow it.
Be agile, be incremental. Recognise things may
go wrong. There’s always a spectrum of risk and possibility that something will
happen. We’ve all done it before but to grow business it’s necessary.
Experiment a bit too.
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