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PSD2 and Open Banking

The Second Payment Services Directive (PSD2) and the UK Open Banking Standard are kick starting a financial services revolution that will connect consumers, third party applications and banks in new ways. This is a revolution starting with regulatory-driven application programming interfaces (APIs), and will evolve naturally into banks participating in a broader API economy. Whilst PSD2 regulation mandates this base API level for compliance in 2018, more progressive financial institutions will use this as a catalyst for digital transformation. They will assess the new challenges and opportunities presented by traditional competitors, fintech start-ups, and new market entrants from other sectors - who all seek to own part or all of the consumer journey.




In this whitepaper we explore opportunities for innovation and how this acts as a catalyst for digital transformation in banking. We explain how banks can respond to PSD2 obligations, and how Microsoft solutions are helping financial institutions establish a platform that builds on existing investments and adds flexibility to meet future change, growth and partnership opportunities.



For more insight on this topic you can watch the recording of our PSD2 and Open Banking webinar. There are some great panel discussions as well as an interview with Jorge Baião, CIO, Crédito Agricola and a demonstration of our unique Azure API management accelerator.

Tecnologia

Open Banking

Saiba tudo sobre o Open Banking.

Webinar

The future of banking starts here!

Discover three visions for banking and hear from our clients on life in this post-PSD2 world.

PUBLICAÇÃO DE BLOGUE

5 things you need to know about PSD2

Now is the time to seize the opportunity created by PSD2 and transform your banking business, Jerome Thiebaud shares how.

    Introducing Avanade and Accenture’s Azure API Management Accelerator

    Avanade and Accenture have partnered together to create a unique API management accelerator, hosted on Microsoft Azure. The accelerator will enable financial services firms to fast-track their Open API led innovation and provides them with the ability to market-test new value propositions and engage with innovative fintechs and partners via a marketplace model.

    The Azure API management accelerator is a self-contained, virtual environment that provides a secure space for market testing, digital innovation and ecosystem activation. It provides a single entry interface for multiple user groups ranging from internal stakeholders and developers to external third parties. The Azure API sandbox is intended to accelerate the technical compliance of upcoming regulations including PSD2. Features of the accelerator include:

    • A set of pre-configured APIs with associated workflows to engage with Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) to satisfy the core Open Banking and PSD2 technical requirements.
    • The ability to manage and monitor API usage analytics and performance dashboards in real time.
    • Registration management, onboarding, and development of applications against an API catalogue.
    • An environment to easily market test new value propositions, enable validation sessions and assess the viability of new customer journeys.
    • The ability to bring the proposition to life and prove that the proposition is attractive enough to customers to drive acquisition, retention and share of wallet.
    • An easy to use interface with plug and play components that integrate in to the Azure ecosystem which allow rapid deployment of a working prototype.
    • Easily scalable cloud-based API infrastructure enables rapid expansion and negates the need for upfront capital expenditure. 

    In addition to implementing the Azure API management accelerator, Accenture and Avanade have proven experience in supporting financial services firms to define their API strategy, architecture, security impact, ecosystem activation, API monetisation and operating model.

    To learn more about Accenture’s Azure API Management Accelerator, contact Mohan Naidu, Banking Architect for Europe.

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