OPEN! Open Payments and Their Impact on Banks
There is a great deal of buzz around open payments today. But it’s not white noise to be ignored. The industry is going OPEN – open technology (APIs), open collaboration (partnerships), and open choices (more customer options). Whether the push towards open payments is regulatory driven – like in the EU with PSD2 – or a response to market demand – like with the open and fair access model for faster payments in the UK – the impact is the same; more innovation and competition.
As a bank, you must embrace OPEN in order to align with the new market trends, like globalization and mobile technologies, and compete effectively.
- The key, guiding principles behind open practices
- Why regulation is a friend, not a foe
- What processors and networks should do to become more open
- The business value of open payment processes