Event Recap
invest northern ireland
Share on facebook
Share on twitter
Share on linkedin
Share on email

Replay: Going beyond PSD2: What should we expect now?


With Moderators Don Ginsel (Holland FinTech), Conny Dorestijn (BankiFi) and Marc Lainez (Isabel Group)

On 15 April, Holland FinTech, in collaboration with BankiFi and Isabel Group, organized a workshop surrounding the Open Banking landscape and the PSD2 implications. As the open banking era is just in its early stages, it is key to understand where it’s heading. While PSD2 has stimulated a lot of innovation in this space, there is still a lot of work to be done. Market participants are faced with increased customer expectations when it comes to financial services as well as regulatory pressures.

The workshop addressed the most pressing challenges when it comes to open banking in an interactive environment. The goal of the event was to generate insights into where the industry will be heading after PSD2.

Marc Lainez, Isabel Group, on Open Banking

With Isabel Group being in the business for more than 25 years, even before the PSD2, the importance of Open Banking has grown. Multi-banking capabilities are becoming more important. Isabel Group has been long focusing particularly on API driven products, but also PSD2 activity. The vision for Open Banking? To open up more basic banking services than the ones currently available and ready to be accessed through PSD2. The future? Towards an open financial sector. Data of the customers should be opened. And every data subject should be able to share their data not only in banking, but in every industry.

Previously, Lainez also participated in another Open Banking workshop for the Belgian market – “OBD1/ OB1 Workshop.” As main learnings that can be brought also for the case of the Dutch landscape, collaboration is key. Incumbents and start-ups working together can bring new benefits, and shape new customer journeys. The realization lies in the power of working together instead of competing. That’s where great ideas are born.

Conny Dorestijn, Founding Partner BankiFi, on Open Banking

BankiFi takes everything beyond banking and offers beyond banking solutions that in the very end help small business owners to embed banking and accounting activity into their business rather than the other way around. BankiFi offers banks or other financial entities the ability to build a high level of service. At the harcore, BankiFi is a technology provider which aims to enable banks and other players to offer that kind of service to the customer.  

For this workshop, BankiFi will explore further the Open Banking subject and go in-depth into PSD2 and PSD. Questions like how PSD3 should be framed will be addressed. Furthermore, a retrospective look at PSD2 will be essential. Exploring the hurdles and opportunities of PSD2 can provide insights into the future of Open Banking. To which degree have we made financial services more transparent for our customers? Have we done enough? Do we feel victims of the rules? By analyzing past cases, and critically assessing what work and what did not, new insights and lessons can be drawn. A special attention will also be given to the DeFi discussion. Is DeFi perhaps something that should be discussed in the PSD3?

See below the full insights from the workshop:

Share this Article
Share on facebook
Share on twitter
Share on linkedin
Share on email
Related Insights
Amsterdam Fintech Week
Take a look at our yearly fintech festival, Amsterdam FinTech Week. Go on the dedicated website to check out the 2021 wrap up!
AMLD5 Guide
A source for consulting PSD2 legislation coupled with commentary, tips & tricks, applicability, in collaboration with our member law firms.