Whether or not open APIs are seen as an opportunity in the banking space, it is clear that mobile technology is critical for delivery of many bank services. It is also clear that developing all technology in-house is a major challenge, that consumers have a strong appetite for novelty and convenience, and that the need for well-controlled robust and stable core banking services remains.
PSD2 is clear in policy terms. Its goal is to foster innovation and remove barriers to trade. It may be a headache in the shorter term for banks. But it is also an opportunity for banks to put the structures in place that will allow them to deliver more convenient services tailored for specific customer segments, albeit through cooperation with Fintech companies, third party software houses and PSPs.
Allied Irish Bank AIB has been an XMLdation customer for years, successfully implementing the XMLdation Validator service to provide first-class support to their corporate customers. Receiving raving reviews from their clients, AIB managers and help desk staff praise the cooperation with the Finnish software specialists - a success story for the bank and its customers.
From within the Euro zone, it is easily overseen that the applicability of ISO20022 extends far beyond SEPA. Norway’s largest financial services provider DNB Group takes pride in leading their customers into the XML future.