Many large European banks are developing their own services to comply with the data-sharing requirements of PSD2, but thousands of smaller and midsize organizations will need help, seeding the growth of startups specializing in open banking tools.
Plenty of U.S. banks already have their own robust API programs, but research by Nacha, the electronic payments association, indicates that the differences in their approaches could slow the banks' ability to synchronize with global fintech development.
Bank of America Merrill Lynch has launched an application programming interface (API) gateway available to third-party fintech providers, as part of preparations for Europe’s PSD2 regulations that went into effect this month.
Senior Vice PresidentMulti Service Technology Solutions
If your billing and payments system has API integrations it makes it easy for your most valuable business asset, your customers, to do business with you, writes Martha Salinas, senior vice president at Multi Service Technology Solutions.
Bank of America Merrill Lynch has streamlined its virtual cards so that commercial purchasing clients may connect directly to the bank’s virtual card system and create single-use accounts in real time.
Analytics can customize experience for consumers and allow consumers to customize the experience for themselves, writes Matt Wilcox, senior vice president of marketing, strategy and innovation for digital banking at Fiserv.