Security is paramount for Open Banking and APIs play an integral part. They are an easy and secure way to access existing systems that hide the complexity from users. With PSD2 and Open Banking requiring EU and UK banks to create APIs to securely open core systems for specific uses, banks have an opportunity to embrace innovation and transform their customer relationships. Additionally, customers will benefit by getting better deals by exposing data, while debt management and cash flow management tools will provide recommendations for better products.
Steve Hassett, COO of GT Software, discusses how both customers and banks can benefit from this mandate, the role of APIs in Open Banking, and more in our recent webinar “PSD2 and Open Banking”