Article: Open Banking and the Finance Revolution

The European Banking playground is on its way to revolution from traditional to Open Banking as a result of the PSD2 regulation introduced by ECA.

The largest banks have identified an opportunity in the regulatory requirements and used it to strengthen their leading position on the market. By adopting a wider and forward-thinking mindset, they have been implementing smart strategies for Open banking platforms, and some are already creating new business models for monetizing the Open APIs usage. 

As a software development company, we have seen that by innovative usage of the technology we can go beyond the regulation borders and create modern digital products that will be beneficial for all affected parties – from Banks, Insurance companies and TPPs to End-users.

With the Open Banking model, a new level of transparency will encourage competition, shake up the financial services industry and open the playground for new challengers. By providing an Open APIs platform, Banks are opening up for more collaboration, cooperation, and innovation with agile Fintech companies and Startups - and they are finally getting an open getaway for building new, creative and contextual solutions.

One thing is for sure: Banks will be the first to have visibility and access to these new innovative solutions and use them for mutual benefit to offer new services and grow their customer base. In this era of Open Banking, both parties – Banks and Fintech companies - strive for closer partnership because they have witnessed the benefits of Open APIs.

However, Open banking does not come without conduct challenges and risks. In this transitional period for Banks and Fintech companies, is very important to choose a reliable partner that will develop and implement these new services and solutions which will support the new Open Banking strategies. There are numerous reasons why it is important to work in collaboration with experienced software development companies – such as Seavus – with deep domain knowledge and expertise that are ready to revolutionize the Banking and Finance industry.

The challenges, opportunities, know-hows, access and usage of Open Banking APIs, how to get consent and onboard TPPs, how much it will all cost – these are some of the questions that we have answers to - and for that reason we have organized a seminar on Open Banking: Change and Opportunity, and APIs are just the tip of the iceberg of what is going to be discussed at the event.

The seminar will take place on March 20 in our Stockholm office.

As a partner of many Banks and Fintech companies, Seavus is experienced in implementing new digital products and best practices. They have developed an easy to integrate and customizable solution that can help banks achieve a personalized future for their customers and a gateway solutions for TPPs, and they are constantly working on providing state-of-the-art solutions that can meet clients’ unique expectations in no time.

Let us show you how technology is faster than regulations, and visit us on March 20 in our Stockholm Office, we have many hot topics to talk about and present to you the concept of Open Banking platform, TPP onboarding process, getting and managing consents, and the values and benefits of implementing Open Banking solutions”, says Dimitris Panagio, CEO Stockholm office. 

Register for the event now!