“It’s a choice of whether they want to be just a store of money, which will make them money and that’s not a problem, but I don’t think that’s the best way to go as you’ll be an unknown entity in the person’s life. “I think that banks are at a crossroads of where they want to go from here,” said Owen O’Byrne, head of product at Fire Financial Services. A PSD2 banking API is a secure environment, only accessible by parties who have explicitly been granted access, and governed by a standardized set of rules and conventions. “From a Visa Europe perspective, we’ve opened up our developer platform, which is opening up our network as a platform of services, allowing people to build in our payments network into what they’re developing,” he said.Įqually crucial, it seems, is the EU’s Directive on Payment Services 2 (PSD2), which was enacted in 2013, which created an equal playing field for payment service providers, as well as emerging start-ups looking to move into payments. To realize the services promised by PSD2, TPPs and banks interact through banking APIs, which serve as communication platforms and interfaces between the TPPs and the banks. This is of particular importance, at least according to Visa Europe’s relationship manager, Jonathan Forde. The PSD2 regulation seeks to open up competition in the EU to Banks and payment providers by allowing licenced third parties (TPs) access to bank accounts through APIs.
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One of the panel discussions at the event focused on payments, which is perhaps the one area of fintech that the average person on the street is going to interact with on a daily basis, through contactless payments or, in some countries, mobile payments like Apple Pay.īut behind the scenes, software developers in start-ups and SMEs are busy developing open-source software for financial institutions to use, with the ability to tweak it to their own design using APIs. Standard Chartered Bank launched its PSD2 API sandbox in March 2019.
What is the future of payments within the evolving world of fintech? At the recent Fintech Nation event in Dublin, a lot was said on two particular acronyms, API and PSD2, which will play a crucial role in the years to come.įintech Nation was an event organised by the relatively new Fintech Payments Association of Ireland (FPAI) and was the biggest event ever held in the country dealing specifically with fintech.
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