Working with an external PSD2 API solution provider can have various benefits: reducing costs and risks on the one hand and opening new business opportunities through enabling new business models or external service offerings by TPPs on the other hand. The selection process, however, is complex and cumbersome as a lot of aspects must be taken into consideration.
For that reason, ndgit, being one of the leading providers of PSD2 technology and solutions, has put together a set of questions based on the experience of many PSD2 implementation projects with banks all over Europe. The following checklist is meant to help you structure the decision-making process:
What are the problems / benefits of my current solution?
What is the expectation of working with a (new) PSD2 solution provider?
What are the benefits for my clients / colleagues / business partners?
Will I outsource PSD2 management for the first time? Or am I looking for a new provider?
What is the safest and most efficient technical architecture for my company?
What are my options and ambitions to develop and monetize my APIs beyond the mere PSD2 requirements?
How flexible is the provider to adapt to market developments and to react to my individual needs?
Do I have to duplicate my effort due to the obligation of a fallback solution?
How are SCA, consent management & management of TPPs handled?
What monitoring and reporting requirements do I have to fulfil?
When making fundamental decisions that will determine the concrete roadmap, banks should constantly keep considering working with external partners. Based on our years of experience of PSD2 implementation projects at some of the leading European banks, we have put together some high-level answers to the questions described above. When it comes to costs, it’s worth bearing in mind that trusting a specialized software provider brings synergies due to past experience from numerous projects and proven know-how. In addition, external partners can make the integration of a variety of innovative fintechs a lot easier by having them pre-integrated already on their platform.
ndgit is already providing many leading European banks with all the technical functions they need to implement the API related requirements of the regulatory directive. Besides, ndgit is also proving that its ‘out-of-the-box’ solutions can link banking systems with minimal effort and provide a flexible platform to realise new Open Finance use cases. Banks that proactively offer such additional services and confidently cooperate with fintechs will be better placed to drive innovation and accelerate services, improve their customer experience, reduce churn, and grow their customer base.
The Payment Services Directive PSD2 came into force on 14 September 2019, with the aim of improving consumer protection and the security of electronic payments. The regulation also aimed to promote competition on the one hand, and innovation on the other. In 2022, the European Commission put PSD2 to the test. To this end, there […]
Launched 14th of September 2019, the European Second Payment Service Directive (PSD2) has now been in place for more than three years. Time for ndgit to have a look at the statistics, insights and outlooks of its PSD2 solution with the usage from Europe’s major banks in 36 productive instances and eight countries in EU […]
According to analysts, we may expect a continued strong growth for the open banking market. Thus, the global open banking market size will reach $135.17b by 2030, meaning a CAGR of 26.9%. Drivers of the expansion are the rise of open APIs, an increased adoption of innovative applications and services and the favorable government legislation. […]
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Next level embedded finance platforms: From regulatory-driven to market-driven Open Banking infrastructure The introduction of PSD2 has put pressure on banks to implement the Payment Service Provider Directive by the deadline of early 2018. The result was a boom for service providers specialising in the management of PSD2-relevant interfaces (APIs). Ndgit thus made it into […]
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