#cards #payment #openbanking #paymentprocessing #banking

Hi Everyone , In this video we will look into an new merging concept which is now very popular in the UK and European Markets. It is called Open Banking.
It is a concept that allows financial institutions to share customer data with each other for improving overall efficiency like reducing payment fee and also providing the best value services to the customer.

chapters:
Understanding and Relevance of Open Banking : 00:00:09
Key Terms and Definitions in Open Banking: 00:03:34
Comparing Traditional Banking with Open Banking: 00:09:27
FCA guidelines on Open Banking : 00:12:52

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Links and Image credits:
Photo by Markus Spiske from Pexels: https://www.pexels.com/photo/green-and-yellow-printed-textile-330771/

Photo by Markus Spiske from Pexels: https://www.pexels.com/photo/green-and-yellow-printed-textile-330771/
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Photo by Expect Best from Pexels: https://www.pexels.com/photo/buildings-with-glass-windows-351264/

Latest API Reference can be found at :
https://openbankinguk.github.io/read-write-api-site3/

Screenshot of the news on open banking :
https://www.uktech.news/fintech/open-banking-six-million-20220620

Link to CMA
https://www.gov.uk/government/organisations/competition-and-markets-authority

Link to FCA guidelines on Open Banking :
https://www.fca.org.uk/consumers/account-information-and-payment-initiation-services

The open banking movement is building momentum globally. The use of open APIs enables banks to partner with Financial Technology companies to build new and better digital experiences, but is also generating massive volumes of API calls, which is causing latency and security issues and growing costs in legacy environments. F5 provides security and efficiency for the open banking initiative. Check out the video to learn more!

In Europe, thanks to PSD2 regulations, all banks must provide an API to give users access to their banking data. Developers can build third party apps using the bank APIs to create a seamless connection to a customer’s banking data.

Find our more about Nordigen – Europe’s first free open banking API: https://nordigen.com/

Check if your fintech startup qualifies for Nordigen’s additional free premium insights: https://nordigen.com/en/blog/nordigen-launches-programme-european-startups/

Technological advancement and the proliferation of mobile devices has led to an explosion of data that is driving FinTech innovation. In an effort to increase competition in financial services, governments around the world are implementing data access and portability regimes to make banking more inclusive, competitive, and transparent. What can the US learn from such “open banking” efforts? In order to remain both innovative and internationally competitive, what type of data governance should American policymakers consider? What does this mean for banks, FinTechs, and Big Tech platforms?

Moderator

Melissa Koide
Founder and CEO, FinRegLab; Senior Advisor, Milken Institute

Speakers

Gilles Gade
Founder, President and CEO, Cross River

Sima Gandhi
Head of Business Development and Strategy, Plaid

Sahil Kini
Co-Founder and CEO, Setu

Craig Schachter
Global Head of Fintech Ecosystem, Finastra

#fintech #banking #bigtech