The COVID 19 crisis - a danger that holds a great opportunity
The introduction of Open Banking gives clients of European banks unprecedented control over their own data and its use for economic purposes. Customers can determine with whom they want to share their financial data and thus also use it to their own advantage. But what is so revolutionary about providing personal bank data?
Current technologies enable collaboration between traditional banks and other providers, e.g., Fintechs, through the exchange of information and data via APIs (application programming interfaces). The term API has its origin in the software sector and refers to an interface that enables the transfer of data and communication between originally separate systems. In the financial industry, development in Europe was accelerated by the introduction of the Revised Payment Services Directive (PSD2) in 2016. The regulatory framework requires European banks to disclose APIs and make them accessible to other service providers. The aim of this requirementab is to strengthen competition and the user experience. In Switzerland, this goal is being driven forward by various interest groups, with the most prominent example being the central platform model, b.Link SIX. Here, third-party providers and banks are covered simultaneously with a single connection. The standardization of API specifications and contracts stands out as an advantage.
Current technologies enable collaboration between traditional banks and other providers, e.g., Fintechs, through the exchange of information and data via APIs (application programming interfaces). The term API has its origin in the software sector and refers to an interface that enables the transfer of data and communication between originally separate systems. In the financial industry, development in Europe was accelerated by the introduction of the Revised Payment Services Directive (PSD2) in 2016. The regulatory framework requires European banks to disclose APIs and make them accessible to other service providers. The aim of this requirementab is to strengthen competition and the user experience. In Switzerland, this goal is being driven forward by various interest groups, with the most prominent example being the central platform model, b.Link SIX. Here, third-party providers and banks are covered simultaneously with a single connection. The standardization of API specifications and contracts stands out as an advantage.
Current technologies enable collaboration between traditional banks and other providers, e.g., Fintechs, through the exchange of information and data via APIs (application programming interfaces). The term API has its origin in the software sector and refers to an interface that enables the transfer of data and communication between originally separate systems. In the financial industry, development in Europe was accelerated by the introduction of the Revised Payment Services Directive (PSD2) in 2016. The regulatory framework requires European banks to disclose APIs and make them accessible to other service providers. The aim of this requirementab is to strengthen competition and the user experience. In Switzerland, this goal is being driven forward by various interest groups, with the most prominent example being the central platform model, b.Link SIX. Here, third-party providers and banks are covered simultaneously with a single connection. The standardization of API specifications and contracts stands out as an advantage.
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How do I handle personal data correctly?