Open API Banking: Financial Lego in Payment Solutions

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The common strategy for banks can almost be captured by paraphrasing Kennedy: “Ask not of your client to go to the bank, but make the bank go to the client”. Survival requires putting the customer at the heart of the bank’s service proposition, which requires a fundamental shift in the way banks are organized.

Experts say that to be `where the client is’ requires integration of banking services into third party channels, and the bank to publish, document and deliver open APIs to their systems.

This may be true, but it is also rather abstract. In this talk we will explore some practical examples of using these API’s, both in the physical and n the digital domain. What do these APIs offer, and how does that benefit both consumers and business alike?

1. Small-ticket lease for the SMB. Opening up leasing to the big public requires a drastic simplification of this inherently complex product. But, creating effective APIs on simplified leasing product opens up interesting new financing options for the SMB.

2. Offering foreign exchange services. At this moment it requires a lot of effort for SMB’s to get a FX-contract with a bank, can this be simplified? And can SMB’s be offered FX-options right when they need them?

3. Offering a PSP which includes Retail Finance options such as invoicing and payments by installments. The success of parties such as Klarna proves that such an offering is very compelling to consumers.

4. PSD2 – Another often-made point is the need for banking APIs to comply with PSD2. However, any third party connecting to these APIs will have to worry about correctly authenticating consumers and dealing with authorizations

Gijs and Joris from Ximedes will share case studies and insights on the above at EPS day 2 – don’t miss it!

Gijs ter Horst is Ximedes’ CMO, responsible for all sales in the  company . Gijs  own focus is  on the Fintech customers. Gijs started his career as a software developer and fulfilled roles of software architect and technical project manager, working on payment systems as well as websites for large ISP’s at various companies before  h e switched to a commercial role. Gijs studie d  physics at the University of Groningen.

Joris Portegies Zwart is CTO of Ximedes, a software technology provider with a strong footprint in the payments industry. As CTO, he is responsible for overall delivery of software development and operational services to clients.

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