PSD2 and Open Banking: Part 4 – Foundations for the future
As we discussed in a recent blog, 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 new ways.
Download the Microsoft PSD2 and Open Banking whitepaper
For Microsoft, this is far from just exposing and consuming APIs. It is the creation of new business models and transformative products – for which business vision, design-led thinking, customer insight and rapid end-to-end solution provision is what will ultimately differentiate. The future of banking is agile, collaborative, ‘transparent’ and designed to encourage new business models – using ‘systems of intelligence’ in this transformation. We encourage our customers to look beyond API toolset capabilities and consider the bigger picture.
The industry and technology skills and expertise of our Microsoft Services team, combined with Azure cloud services helps banks to establish a foundation of regulatory compliance and then create differentiation by building capabilities such as analytics, machine learning and AI. These technologies drive new customer insight, bring life to existing application investments and allow banks to open new channels and new ways of meeting their customers on their terms.
CLOUD. Microsoft Azure is the platform that supports your open banking strategy: The identity, analytic, compute, database, mobile, networking, storage and web services provided in the cloud by Microsoft Azure, coupled with connectivity to your existing data systems through our hybrid integration offerings, create a unique platform of technologies that allows you to focus more on the swift creation of customer value than technology plumbing.
OPEN. Get full value from the open source investments that you already know: Our ever-growing support for open source technologies gives maximum portability and value from your existing investments. Azure supports a broad selection of operating systems, programming languages, frameworks, databases, and devices, so you can use the tools and open source technologies you already know and trust and extend to the cloud – or bring Azure capabilities to your datacenter with Azure Stack.
TRUST. Security and privacy are built in, and a priority at every step: Ninety percent of Fortune 500 companies trust the Microsoft Cloud and so can you. Azure helps protect your assets through a rigorous methodology and focus on security, privacy, compliance and transparency. The Azure cloud offers a comprehensive compliance coverage with 50 compliance offerings.
FLEXIBILITY. Adoption at a pace that is right for you: A cloud services model negates the need for large capital expense that stands up the infrastructure and minimizes your operational overhead and ongoing costs by leveraging a hybrid cloud service and a pay as you go model respectively.
A new set of capabilities are required to compete in this new environment and whilst API creation and management are a central component, it is clear that end-to-end connectivity, analytics and more are part of the larger view that needs to be considered.
There are a set of supporting technologies, as part of a broader API ecosystem, that are essential for connectivity, scalability, security, management and intelligence, which create an initial platform. But equally important are the tools, processes and mindset needed to evolve the platform at the new pace required to maintain currency in a highly competitive market.
These capabilities are also the building blocks on which other foundational technologies that are driving digital transformation.
Download the Microsoft PSD2 and Open Banking whitepaper. In this whitepaper, we explore the opportunities for innovation and how this acts as a catalyst for your digital transformation.
Read more on the Microsoft Banking & Capital Markets and Insurance blogs.
