APIs

Spurred by the PSD2 regulation, the introduction of open banking has also played a key role in a shift to software-delivered services, according to Jason Bobb, senior vice president of global sales and business development for Canonical.

Rather than ban screen scraping, financial institutions should improve secure account connectivity so that consumers can share data with the apps they want to use.

Mastercard and Worldpay are embarking on a strong push to promote Mastercard's Pay by Bank system, which will likely face a deluge of competition under the updated Payment Services Directive (PSD2), which took effect this year.

Banks should more widely adopt application programming interfaces for sharing customer data with third parties because it's the best approach to ensuring information stays safe.

Citigroup is using tracking and transparency to push back against rivals that paint traditional bank-powered international payments as a costly, time-consuming relic.

Rather than ban screen scraping, financial institutions should improve secure account connectivity so that consumers can share data with the apps they want to use.

The Canadian government is consulting with the country’s banking industry on opening up Canada’s payments infrastructure to nonbank payment service providers and fintechs, in a far-reaching move to spur innovation and competition.

The virtual card company is giving customers direct access to their data through an application programming interface to see what they do with it.

A lack of standardization increases costs and complexity at each bank, opens the door to insecure solutions and hinders adoption by software developers that only have bandwidth to write to one or two open APIs, according to Steve Kirsch, CEO and founder of Token.

Whatever the reason that Plaid, a prominent data aggregator, can no longer access data from Capital One, the situation demonstrates how fragile fintechs are when they lose banking access.