While it may seem like integrating new APIs is a tug of war between banks and third party providers (TPPs), the end result is important for end users. With every connected API, Salt Edge creates more opportunities for TPPs that want to offer their customers useful services with a great taste of open banking. „For now, there is a big number to celebrate for Salt Edge – 600+ PSD2 connections […]
As more and more banks open their APIs before the September 14 deadline, Salt Edge has added another one hundred to the list of its connected open banking APIs in the EU, making it 400+ integrations. Gaining more speed along the open banking trajectory, just in the last two weeks Salt Edge has added a hundred more APIs and after the big number of 300+ in August has already integrated with 400+ […]
By Tomas Prochazka, VP of Product, Tink Banking is facing its biggest remake in history. Technological developments, changing consumer expectations and new regulations are forcing the industry to open up. The EU commission’s PSD2 is ushering in the era of open banking by allowing new entrants access to customers’ financial data. Its ambition is to level the playing field in the industry so that more companies can offer consumers greater transparency […]
The European Banking Authority (EBA) published clarifications to a fourth set of issues that had been raised by participants of its Working Group (WG) on APIs under PSD2. The clarifications respond to issues raised on the confirmation of payment execution, biometrics and authentication on mobile apps, access to non-payment account information, stress testing, qualified eIDAS certificates for Account Servicing Payment Service Providers (ASPSPs), the 4 times per day access by […]
Most institutions are adapting their business models to cope with the competitive pressure and embrace PSD2 changes, while some of them may in parallel embrace the positive impact of FinTech. In the medium to long term, a number of factors will define the transformation of institutions’ business models: (i) the progress of Open Banking and APIs, facilitated partially by PSD2, (ii) the level of implementation of innovative technologies and (iii) […]
Could the poor quality of bank APIs put the success of PSD2 in jeopardy? A Tink analysis finds that none of the tested bank APIs released by the penultimate 14th June deadline meet the quality requirements laid out by PSD2 regulators – potentially creating a “cliff edge” scenario in September that compromises the financial services for millions of consumers. As a third party with a PSD2 license, we’re required to use all […]
This is the second piece in an ongoing series called Tink Thinks: Inside the EBA, where Tink’s experts explain and comment on the business of the European Banking Authority’s (EBA) PSD2 API working group, which is helping to ease the implementation process ahead of the September deadline. The series Tink Thinks: Inside the EBA is part of a broader public policy effort at Tink to advocate for third-party providers (TPPs), so that […]
Over the last decade, the banking landscape has been irrevocably changed. Digital disruptors, new technologies, new regulations and increasing customer demands mean banks have had to adjust their business models to deal with these new market challenges. Between January and March 2019, 405 global retail banking executives were surveyed by The Economist Intelligence Unit on behalf of Temenos. They were asked about the changes taking place in their industry to […]
Last weekend marks a year since the launch of open banking, a government-backed initiative that introduced a secure way for consumers to give financial providers the ability to access their financial information, according to Financial Times. The rules require (UK) banks to share their current account holder data through an integration technology called application programming interfaces (API). These APIs can then be used — with the customers’ permission — by third parties, […]
Libra Internet Bank assessed Allevo’s FinTP-Connect solution, given the requirements of the revised Payment Services Directive – PSD2. The solution achieves centralized management of requests initiated by financial services providers on behalf of the final customer, for banks (s)he collaborates with. „From a functional point of view, FinTP-Connect retrieves these requests, transfers them to the Core Banking system, processes them and returns the legitimately requested responses back to the PISP/AISP […]