The Second Payment Services Directive (PSD2) and the UK Open Banking Standard are kick starting a financial services revolution that will connect consumers, third party applications and banks in innovative new ways.
This is a revolution starting with regulatory-driven application programming interfaces (APIs), and will evolve naturally into banks participating in a broader API economy. Whilst PSD2 regulation mandates this base API level for compliance in 2018, more progressive financial institutions will use this as a catalyst for digital transformation. They will assess the new challenges and opportunities presented by traditional competitors, fintech start-ups, and new market entrants from other sectors – who all seek to own part or all of the consumer journey.
Download our PSD2 and Open Banking whitepaper where we explore opportunities for innovation and how this acts as a catalyst for digital transformation in banking. We explain how banks can respond to PSD2 obligations, and how Microsoft solutions are helping them establish a platform that builds on existing investments and adds flexibility to meet future change, growth and partnership opportunities.
Also watch out for our upcoming blog series, where we’ll continue to explore the opportunities and technology implications this brings for banks, payments schemes, fintechs, consumers and merchants.