Szerző: NÉMETH MONIKA

Where are we now? After 9 months PSD2 being published

Where are we now? What do we know about PSD2 work-in-practice after 9 months from being published? PSD2, the new Payment Services Directive was published at the end of 2015 with the aim to open the payment market to new entrants leveraging the use of digital technologies to provide a wide scale of financial services to the consumers. As we all agree, PSD2 will definitely change the payment and banking landscape due to banks being obliged to open their payment infrastructure to data access requests by eligible 3rd parties. In this article we are going to focus on the access-to-account (XS2A)...

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The Devil is in the Details… How will PSD2 work in practice ?

Several fintech players and innovative banks are looking closely to the potential scope of data they might have easier access to after PSD2 enters into force in 2018. They are building up use cases, business scenarios and business cases for new services they want to market utilizing those data sets. The market players are waiting to clearly see the regulatory expectations they have to perform. In this article we are going  to touch  the issue of the data access obligation (called: XS2A, or Access-to-Account) from several aspects, like scope and period of the data, aggregation and processing, the definition of...

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Regtech might have great impact on business case

We see a whole new sector growing up. The name comes from the marriage of regulation and technology, however foreseeing what it means for financial companies is more comprehensive.   In the financial industry the level of regulation is continuously increasing and is not only a great cost factor, but affects the working processes and innovation capabilities of the financial companies, moreover the flexibility and efficiency of their work. Since data and reporting are in the focus of the regulator as of today, big data analytics and risk management tech companies have a momentum to further develop and offer...

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Why APIs are such a hot topic today? New revenue source or just another hype?

Open Access to payment accounts (XS2A) must be ensured by an open standardized way which means APIs in practice –  says the PSD2 Directive. With regard to business opportunities this is the most promising requirement even more a driver in PSD2 FinTechGroup experts believe.   APIs have been available in the banking sector for about 10 years. We also find payment applications or solutions development platforms opened to developers in the banking sector for several years.  Payment APIs have grown by almost 2 000% since 2009, with financial APIs growing at more than 470% during that time.(source:http://banknxt.com/55745/uk-open-banking-api-framework/) Why is...

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What will the consumers and the new market entrants benefit from the FCA new, experimental regulatory practice?

Innovation Agencies throughout Europe are still looking very closely at Israel’s start-up incubation methodologies and try to adopt them to their own respective economies. FCA introduces diverse techniques, methods to cooperate with the market and with the consumers to create a consumer,- and market-friendly regulatory environment  which further boosts the economy and innovation. We wonder, if FCA would reach the same position in financial regulation as Israel gained in incubation.  Definitely should…   The financial sector – as we all see – is transforming into digital rapidly and even at wider spectrum. The new, often disruptive solutions mean great challenges...

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