Open banking is set to have a major impact on the financial services industry. In the last few years, open APIs have gained traction and financial institutions are revisiting their channel and partner strategies accordingly. The revised Payment Service Direct, known as PSD2, is one of the driving forces behind this evolution.
The PSD2 intends to create an environment where third parties and banks alike can innovate and deliver value added services to end users while still protecting the customer’s sensitive data. Banks will need to provide secure API access to payment initiation and account information services in order to comply with the regulation – but most banks are exploring their options to extend the scope of their open banking project in order to monetize the investments made to open up their existing back end systems.
API Banking creates an environment that fosters innovation and allows delivering value added services to end users while still protecting the customer’s sensitive data.
The SmartVista API Banking solution supports the various roles defined in PSD2, all based on a single platform. It can be deployed to support access to account information and payment initiation services for third parties by a bank (or Acccount Servicing PSP).
SmartVista API Banking solution comes packaged with a sandbox to allow these third party developers to test their solutions against and ensure interoperability of the applications as well as the necessary level of quality of the end user solution.
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