Open Banking Technology
Open Banking is creating a gateway to fintech innovation. Open Banking offers third-parties access to consumer financial data from bank and non-bank financial institutions through APIs. Consumers and businesses can share consumer financial data securely and automatically to create an aggregated picture of a financial situation.
Focus Areas
Account-to-Account Payments Innovation
Open Banking allows third parties to initiate instant payments on behalf of consumers as a registered PISP (payment initiation service provider). A2A payments add massive value to the customer experience as payments can be made directly from a bank account avoiding the card network, which reduces fees for merchants, banks, and the consumer. Through Open Banking and real-time payments, A2A has a genuine opportunity to become a credible rival to the card payment rail for everyday transactions.
Fraud, Risk, Security
Open Banking facilitates transaction monitoring, API security and a stronger customer authentication as banks are using open APIs and new data sources to streamline authentication. Open Banking security allows clients to better manage when and with whom their data is shared.
Improved Lending Process
Lenders can use open data to make faster loan authorisations and compliance checks. The insighs on data that are available thanks to Open Banking, helps predict customer needs and provide tailored offers. Open Banking is helping: optimize the onboarding and KYC process of new clients; improve credit assessment through data accessibiloty, enrichment and analysis; understand and predict long-term trends; send loans directly through Open Banking; increase repayments by providing borrowers with a full-picture of their financial situation.
Personal Financial Management
Open Banking improves customer experience as customers can transfer capital to PFM platforms, as well as make payments, directly and instantly in the platform. Open Banking gives both the customer and the financial service provider a better overview of the customer’s spending and financial interactions in one place. This can help users customize and optimize how they use different financial services, and PFM platforms can personalize their offerings by better understanding the customer.
“This year we are consolidating open banking and open finance, while addressing the needs of our business units, focusing on digital payments innovation trends.”
Daniele Gabbai, Head of Strategic Partnerships & Alliances, Nexi
Top 5 Startups expanding the Open Banking universe
Tink
Tink is a cloud-based platform providing infrastructure and data products to enable the future of financial services
Yapily
Open banking API solutions that enables banks and businesses to provide lending, accounting, and payment services to end customers. Businesses can connect with multiple financial institutions using APIs for retrieving financial data.
Plaid
Plaid provides companies with the tools and access needed for the development of a digitally-enabled financial system.
Truelayer
TrueLayer is a fintech platform utilized to build financial apps that connect to bank data, verify accounts, and access transactions.
Token
Token’s mission is to allow financial institutions, businesses, and people to instantly and securely move money.
“We work hard on delivering smooth processes, like a short onboarding process, to, on top of everything we do, deliver a great customer experience because at the end of the day we want open banking products to be user friendly and to seamlessly integrate in the lives of customers.”
Joris Hensen, Founder and Co-Lead of Deutsche Bank API Program
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