Open Banking is here. What will your startup make of its potential?
The use of APIs will accelerate the digital transformation of the financial landscape already sparked by the emergence of financial technology (or FinTech) companies.
Open Banking is just around the corner for European countries, with banks having to open up their data through application programming interfaces (APIs) by January 13 2018.
With public APIs, customers will have more options to interact with their bank. In this scenario, the bank will serve as a platform, on top of which third-party companies (such as startups) can build their own applications using the bank’s data to engage with customers.
Instead of doing all of their banking through one or two firms, customers will most likely have their current account with one provider and then aggregate financial services through other providers, all under the user interface of their choosing.
The Portuguese one-stop for all main banks data
In Portugal there’s an even more straightforward approach that will allow startups to access all main Portuguese banks data in a single platform instead of going to each bank API and adjust their solution in a case-by-case scenario.
Here, SIBS, the country main Fintech innovator, is already working together with the main banks to create an open API standard. This will mean for startups a one-stop access to the main Portuguese banks costumer data.
Startups will be able to build new products and services by accessing and integrating customer’s banking data – with their permission – into their applications.
But, more than this, startups can also have access to further support from SIBS in moving forward their solutions, including the co-development of new solutions, through the new edition of SIBSPAYFORWARD acceleration program, which as applications open until December 15.
Open door to deliver the Fintech Promise
For Fintech startups this changes mean an opportunity to fulfill their promise, the promise of groundbreaking technologies that will transform completely the financial landscape and the way consumers interact with financial products, by generating solutions that consumers will want to use in a widespread way.