Copenhagen-based Danske Bank has unveiled its beta open banking service as it joins the fray for API-powered innovation. The bank says open banking is set to be the “most seismic shift in financial services since online banking” and it wants to tap into this market. Danske is looking to push on from its own banking […]
The UK’s Competition and Markets Authority (CMA) is ramping up its efforts for open banking within the nation’s retail banking scene. As reported in February, the CMA published its 766-page final report on the retail banking market and its open banking goals. At that time, it said it will offer overdraft users the opportunity to […]
The interest from the fintech community in APIs burns brighter than a thousand suns, but where will this technology and the spirit of open banking take us?
Less than half a year from now, PSD2 will revolutionise consumers’ access to their own financial information. In fintech hubs across Europe, bright young people are planning a consumer revolution. Their financial apps and tools are helping customers manage their money far more easily than they have before. Here are five important ways in which they are changing the face of banking.
How will service providers and banks implement ISO 20022 in the APIs being created for PSD2?
Mizuho Bank has opted for a suite of IBM services to power its open banking ambitions in Japan. The bank will use IBM’s FinTech API solution, API Connect on the IBM Cloud and IBM DataPower Gateway. The shift to API banking is a common theme for many in fintech at present. According to IBM, the […]
BBVA has unveiled its open banking programme and is making eight of its APIs commercially available for the first time. The launch of BBVA API Market comes after the Spanish bank says it spent more than a year working with developers and businesses to prepare the way the open API service would be delivered. With […]
Denmark’s Saxo Bank has released its new developer portal as it looks to strengthen its involvement in open banking. The portal provides technical documentation, reference guides, sample code and interactive tools. With the release, Saxo has made its trading infrastructure available to third-party developers, fintechs, vendors and partners, enabling them to connect to its trading […]
Equifax, credit information provider Castlight and Oakbrook Finance, the owners of consumer loan brand Likely Loans, have teamed up to develop new products for the 2018 open banking initiative. Under open banking, Equifax says bank transaction data will play a crucial role in lending decisions. Lenders will have access to real-time and historic account and […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Switzerland’s Hypothekarbank Lenzburg is opening up its Finstar core banking system to fintech firms with the use of APIs. The bank has signed an agreement with German software firm NDGIT, which supplies the APIs, and the implementation at Hypothekarbank Lenzburg will be completed by the end of May. Once implemented, its data and services will […]
Temenos has launched open banking and Payment Services Directive (PSD2) targeted services on its MarketPlace. The aim, says the vendor, is “to facilitate the exchange of value between banks and fintech companies”. MarketPlace is “customer driven”, says Ben Robinson, group chief strategy director of Temenos – i.e. the vendor proactively seeks out solutions that customers […]
The latest fintech funding round-up featuring Token, Ongo, National Bank of Canada (NBC) and a bunch of venture capitalist firms.
US-based Silicon Valley Bank (SVB) has launched new APIs to let its clients programmatically open bank accounts, and send payments using a credit card network and via the automated clearing house (ACH) network. Dan Kimmerling, director, API banking at SVB, says its goal this year is to “develop a broad array of APIs” and wants […]
Payments industry practitioners in the European Union are understandably obsessed with the implications of the revised Payment Services Directive (PSD2). This was evident at the recent European Payments Summit, held in the Netherlands, where PSD2 dominated many of the discussions.
UK challenger bank Starling has unveiled its developer portal to enable third parties to access customer data and build on top of its platform using APIs. As Banking Technology previously reported, Starling launched its mobile app and is welcoming the first customers through its digital doors to join a beta testing programme. It also recently […]
OP Financial Group has partnered with Token, a Silicon Valley-based crypto-payment software provider. Token says the agreement will enable the Finnish bank “to innovate in the European open banking market and generate new revenue streams via future payment solutions”.
UK-based innovation foundation Nesta has launched its “Open Up Challenge” as it looks for services, apps and tools for SMEs. The competition is now open for entries. A £5 million prize fund is on offer and it is looking for 20 entries from anywhere in the world that will use open banking APIs – “newly […]
Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week, Banking Technology deputy editor Antony Peyton doesn’t offer up one view, but the views of many. While Twitter in general may often […]
This nifty infographics, created by the European Payments Council (EPC), explains all you need to know about PSD2, from what it will change and its key components (such as APIs) to who the new players are.
Digital-only banking start-up, bunq, has expanded beyond its native Dutch market to Austria and Germany with the launch of its open API.
Cyprus-based Hellenic Bank is readying the first project by its recently unveiled innovation lab – open application programming interfaces (APIs).
In the immediate aftermath of the 2007/8 financial crisis, measures to promote better conduct and improve customer protection and the resilience of the financial system dominated the regulatory agenda. More recently, regulators in many countries have added competition and innovation objectives to their agenda.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Nordea has released the first version of its open banking portal targeted towards external developers, as it gets ready for the Payment Services Directive (PSD2) requirements. Currently the site has “limited functionality” but unspecified pilot activities will be conducted through the portal during 2017, in advance of a full launch in Q1 2018. Jarkko Turunen, […]
UK challenger bank Starling is to host its first hackathon, opening up its API to outside developers. According to Starling, the hackathon makes it the first UK licenced bank to launch a public API in keeping with the ambitions of the Second Payment Services Directive (PSD2) and the open banking initiative. Megan Caywood, chief platform […]
Standard Chartered has unveiled its Open Banking Application Programming Interface (API) Developer Portal for transaction banking. The launch is part of its “digitisation agenda” and to increase collaboration with corporates, fintech firms and developer communities. The portal will initially provide a repository of API services focused on cash management and then roll out other API […]
The UK Competition and Markets Authority (CMA) says its banking “final order” is giving people greater control over their money and reckons the open banking revolution is getting closer. As Banking Technology reported in August, the CMA unveiled its plans to make banks “work harder for customers” and ensure the “benefits of new technology are […]
As with any revolution, open banking will have winners and losers. How to stay competitive in the digital era?
The disruptive forces of technology and legislation are forcing banks to become open and collaborative, things which they historically found challenging. A friend who owns a small business recently went through what I call a “connected and choreographed” experience to get a loan. iWoka, a digital lending company, simply asked him to log on to […]
