APIs

Investments in open-banking fintechs have accelerated recently, as many European banks are struggling to implement PSD2-compliant open banking APIs to meet the EU’s September 2019 deadline.

The former head of the Small Business Administration and current Harvard professor says data sharing can be transformational for banks.

The likelihood of Fed rate cuts is causing banks to plan for less net interest income, but it would be a mistake for JPMorgan to back off its move into new markets and tech investments, Jamie Dimon says.

By turning compatibility into a nonissue, APIs help enable open banking, which has the potential to offer core banking services such as payment initiation or account balances through APIs, writes JPMorgan Chase's Stephen Markwell.

Visa’s chief economist recently warned that fintechs are disintermediating banks’ credit card businesses with instant access to installment loans. Now Visa is looking to disrupt the fintechs by giving issuers a way to do the same.

Synapse is working to refine its application programming interfaces to meet know-your-customer and other complex requirements, but it's a tall order, the head of the back-office-services platform says.

A huge portion of European companies will not clear PSD2's regulatory hurdles for digital connections between banks and payment apps, but that hasn't slowed down some companies that see value in open banking and payments.

The Australian API payments and rewards platform provider Verrency has closed on a $7 million (AU$10 million) Series A funding round, bringing the total funds raised to-date to $14 million (AU$20 million).

PayPal and Mastercard are independently making high-profile moves to shore up gaps in open banking and data compliance, and both companies are downplaying any competitiveness.

Open banking or connections to payment apps and fintechs helps financial institutions meet these customer needs in a number of ways that can help them build that customer relationship, writes Maria Allen, global head of financial services for Unisys.