Fintech A.M.: 21-11-17

Fintech A.M.: 21-11-17

As the PSD2 approaches, a visible acceleration of digitization is taking place in the banking sector. Banks are adjusting their practices to be compliant, and fintechs are offering solutions to ease the process.  With PSD2 coming in early 2018, banks are feeling the need to get up to speed on digitizing their processes. Also, to make it easier for the banks, companies are creating solutions that make compliance with PSD2 easier for the banks. Yesterday, Fiorano, a specialist in integration middleware and API management, launched “Fiorano PSD2”. The solution enables banks to comply with the upcoming directive by masking complex technical details and simplifying the time and effort necessary for compliance. Fiorano isn’t the only company recognizing this market opportunity, as Token, Inc. joins forces with Evernest | Yodlee to combine their expertise in PSD2-compliant payments and financial data aggregations. Token’s open banking operating system enables banks to generate revenue from PSD2 compliant payments and lowers entry barriers for third party service providers. The Envestnet | Yodlee Financial Data Platform enables personalized financial apps by delivering data from more than 16,000 global sources. From the banks’ perspectives, this is a period of great change and diversification demonstrated by Orange launching its mobile-only bank. Shortly following this announcement, French retail bank Credit Agricole’s new digital solution went live, hoping to stay ahead of other online competition and fintech companies. On the other side of the water, England’s Barclays is performing tests for its trial app, Barclays Launchpad, together with the digital receipts platform Flux. Further up North, Swedbank has rolled out an open banking platform to provide third-parties access to data, with PSD2 in sight. All in all, financial companies recognize the change that is necessary for PSD2 and are joining forces to make it work.   By Michael Brooijmans, Research Analyst at Holland FinTech]]>

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