Ai Video: Capitalizing on ‘APIzation’ of bank accounts

 

5th July, 2019

The development around sharing of banking (customer) data and make it available to non-bank third parties via APIs is being followed closely. As pointed by Edgar, Dunn & Company, one main aspect of EU’s landmark payments regulation, PSD2, is ‘access to accounts’ – this is effectively the ‘APIzation’ of bank accounts. Open APIs play a vital part at the heart of PSD2 compliance and open banking.

With open banking, a new financial services ecosystem is set to emerge. Even as issues related to data privacy and security are being raised and discussed, there is no doubt that merchants need to focus on opportunities from their customers’ perspective. Airlines need to make the most of the new regulation, which is resulting in opening up of the payments infrastructure and liberating customer data assets to offer consumers new options and services. “Open banking is one of the key regulatory changes, and it is going to impact the way merchants like airlines accept payments,” mentioned Pascal Burg, Director, Edgar, Dunn & Company (EDC).

Burg recommends that airlines need to “test and learn” about standards and infrastructure, and also application of the same from B2C and B2B perspective.

EDC suggests a three-phase approach for airlines to identify, evaluate and address payment opportunities and threats –

• 360° payments diagnostic/ audit

• Future state/ roadmap

• Roadmap execution - Interim payment team to support business to launch initiatives

By Ritesh Gupta

 

Check upcoming Ai Conferences dates

Follow Ai on Twitter: @Ai_Connects_Us

Editorials

  • Ai Editorial: Are airlines ready to “own the first and last mile”? +

    12th July, 2019 Ai Editorial: Airlines need to focus on tapping the mobility as a service (MaaS) segment, offering a truly interconnected experience via their own digital assets covering all Read More
  • Ai Editorial: NDC or not - TMCs pushing for content from all sources +

    10th July, 2019 Ai Editorial: Established TMCs are trying to ensure that they have access to all the offerings as far as air shopping is concerned, and in this context, Read More
  • Ai Video: Capitalizing on ‘APIzation’ of bank accounts +

      5th July, 2019 The development around sharing of banking (customer) data and make it available to non-bank third parties via APIs is being followed closely. As pointed by Edgar, Read More
  • 1
  • 2
  • 3
  • 4
  • 5