We celebrate a milestone, by sharing our 25 drops of wisdom on open banking
We are excited to announce that we have just reached a milestone for the first 25 installations of Open Banking Components.
It is the result of our products, aplonAPI for PSD2 Compliance, the aplonHUB for Payments Gateway and the UNUapi for Account Aggregation.
We have concentrated the knowledge we acquired these past months, into 25 drops of wisdom, both on technical aspects and business strategy. And we now want to share them with you.
1. Many banks missed the March 14 deadline
2. And not all banks will make the September 14 deadline…
3. It seems that Berlin Group and Open Banking UK are the two winners in standards
4. Yet not all banks have implemented these protocols the same way. Many flavors…
5. For some, is still not clear how one could implement the fallback mechanism to PSD2
6. So most banks are going for the fallback exception rather than the fall back mechanism
7. Remember, you need both technical and business people to fill out the fallback exception report
8. The market test was one of the tricky answers to respond on the exception report
9. A big number of banks just care for compliance to PSD2 and not open banking
10. Yet they now start seeing it as a “possible” opportunity rather than threat
11. PSD2 and open banking is a mentality change for every banker. No difference from small to larger countries. Small to larger banks
12. Open banking might cost less than web and mobile banking, yet it will be more impactful than both of them
13. Security, security, security. This is the topic for half of the time of the discussions
14. The open banking initiative has forced banks to rethink their whole infrastructure
15. Many banks are replacing their core banking due to the digitization pressure
16. Open banking forces banks to rethink their payment gateways too
17. Many banks are reluctant to Installing the APIs platform on cloud
18. The ones that want to go beyond compliance, invest a lot in infrastructure
19. The majority of the banks are already thinking about aggregation services to their clients
20. AISP is the high priority for banks that want to play the TPP game. They leave PISP for later
21. Most banks care to provide account aggregation on country level, rather than European or Global level
22. Banks are now starting to understand the notion of ecosystem
23. With corporate clients being the first to utilize their open APIs
24. But this is only the beginning of a looong and interesting path
25. Banking is finally fun!

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