Beyond messages: ISO 20022, APIs and the PSD2
A movement towards open access is set to transform the banking industry, driven by the combined forces of new technology and regulation. The EU’s Payment Services Directive 2 and similarly intentioned regulation in the UK and elsewhere, aim to open up the industry to innovation and competition as never before by requiring banks to implement open APIs for core services that will be accessible to third parties. What are the implications of this trend for banks, consumers and the fintech industry? And what lessons can and should we learn from previous waves of industry automation like standardized financial messaging?