Open Banking, PSD2 And The Promise Of APIs

Open Banking offers an integrated future to banking customers, one where all their financial accounts, products and services are available at the click of a button or the tap of a screen. 

However, at first sight, it seemed like a bad deal for incumbent banks. Open Banking raised security and trust issues, but also posed challenges in areas such as their use of APIs and microservices as well as their ability to meet standards outlined in the EU’s Payment Services Directive 2.  

So, what business opportunities can Open Banking offer to incumbent banks? And how can they use these to their advantage in the context of ever-more digitally nimble competition?

In this white paper, learn more about:

• The differences between Open Banking and API banking
• How PSD2 works to protect the safety and integrity of digital payments
• Why incumbent banks could benefit from Open Banking as much as FinTechs
• Critical’s expertise in modernising systems and processes in financial institutions