The deadline for PSD2 compliance is looming. In less than a year, banks will be obligated to open up customer data (in a secure manner and with their consent) to third-party software and app providers through application programming interfaces (APIs).
As banks make preparations for this change, Microsoft has released a new whitepaper, which explores how to respond to PSD2 obligations and in what ways the new regulation can be used as an opportunity for innovation.
Split into three parts, the report looks at the current regulation implications and immediate impacts, the possible broader impact APIs will have on financial services, and how banks can take advantage of Microsoft’s hybrid integration and intelligence capabilities.
For Microsoft, open banking is far from just exposing and consuming APIs,” says the report. “It is the creation of new business models and transformative products – for which business vision, design-led thinking, customer insight and rapid end-to-end solution provision is what will ultimately differentiate. We encourage our customers to look beyond API toolset capabilities and consider the bigger picture.”