APIs in Open Banking
This week, the Open Banking Working Group (OBWG) has released a report that starts to underline the dramatic adoption of API’s in the banking sector in the coming years.
The report, that can be found here:
…starts to outline the importance of API’s in an Open Banking world and with it, the opportunity for challenger banks and third parties alike to revolutionize the banking industry.
“The European Union is rapidly advancing legislation that will, upon implementation in the next two years, require UK banks to open access to their customer data and payments capabilities.
The UK has diligently fostered a vibrant financial technology environment and stands ready to reap the benefits of that legislation sooner than many other markets. Other markets (in the EU and beyond) have begun to implement aspects of an open banking standard, but none have produced a definitive outline of such a standard, let alone a roadmap for its implementation. There is, therefore, a significant opportunity for the UK economy if we take a lead in this space. This will require that we invest rigorously in development over the next 6-12 months.”
Akana is poised, with it strong history in the financial services sector and perfectly aligned portfolio of products and services, to help its clients embrace this wave of innovation and investment.
We will be hosting a tailored event in London on the 14th of April to share industry knowledge, client testimonials and open panel debate on how this initiative will taking Banking and the payments industry into the next level.
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