Open banking is transforming financial services and Yapily is on a mission to provide the greatest coverage across the UK, Europe and beyond.

A PSD2 deadline is fast-approaching - and while it’s focused on making payments more safe and secure throughout Europe - it has raised questions on data access and the impact it has on consumers and businesses.

Here we explain the background and different approaches to data access.

During Paris FinTech Forum 2020, Stefano Vaccino speaks to The Global Digital Banker Podcast about the investment landscape in open banking; monetisation; and where the industry is heading

Investment into Fintechs has grown exponentially and the expectation is that this boom will continue in 2020, if at a slightly slower pace. Venture capital (VC) poured about $40 billion into Fintechs in 2018 – an increase of 120% on 2017, an up from just $1.8 billion in 2011.

Paris Fintech Forum reflected the content-led seriousness of the exploding European fintech ecosystem. This year we saw less bright, colourful T-shirts emblazoned with plug and play applications; and more platforms and comprehensive multi-services, in suits.

Having attended the Paris FinTech Forum this week, trust seemed to be a recurring topic. Specifically, in the adoption of open banking services.

You’ve heard about it. You might’ve even used it. But do you know what open banking really is, the products and services it powers, and how it works? And did you know that it actually refers to two separate things?

The open banking hype has mainly focused on the consumer marketplace. However SME’s can also hugely benefit. Accounts and transactions can be consolidated improving cash flow management. Payments can be made at a far lower cost and far faster as well as cool stuff including “pay me” buttons in invoices to speed up receivables.

Open Banking Limited is a company mandated by the CMA to ensure that the nine largest retail banks and building societies in the UK meet the deadlines of PSD2 by delivering a common standard of financial APIs.

Read more on the Open Banking website or at https://www.yapily.com/what-is-open-banking