APIdays Paris 2016
As usual, APIdays in Paris proved to be a great event with plenty of thought provoking API-related content covering machine learning, containers and micro services. Recognizing the current market momentum around APIs for European banking and Fintech, the December 2016 event included a dedicated track on PSD2 and banking APIs, with plenty of great contributions.
First off, there were some interesting general comments and material relating to APIs and finance:
– Fintech is about APIs, AI and Blockchain.
– There are 3 waves in API adoption in Finance. The first wave saw the rise of Fintech, the second wave saw banks reacting by running hackathons and trying to promote their services independently of Fintech, while the third waves sees banks and Fintech cooperating and co-creating.
There was some interesting material on standardization. Nat Sakimura from Nomura Research Institute, a well-known contributor to security standards, spoke about the work of the OpenID foundation on security for financial APIs, and its relevance for European and UK standards. Their work may be submitted to TC 68 who are responsible for ISO 20022.
App and API technology
And there was plenty of meaningful contributions from real companies working on delivery of financial services via App and API technology. The French company Budget Insight, who already deliver consumer facing apps that aggregate content, talked about the limitations of PSD2 for their business, since it only covers payments accounts. End users want to be able to also combine content about loan accounts and insurance.
Euler Hermes gave a great talk on their approach to automating credit finance through APIs, taking great care to explain what credit finance was all about and why automation of the process (making use of a prediction engine) was useful. He mentioned that their own API developer team had suggested he explain the business to the audience, because as developers, this was their major knowledge gap at the outset of the project. Providing a clear explanation of the business domain to API developers is clearly very valuable.
Figo, the German-based API aggregator, gave a great overview of their business and provided their perspective on PSD2. Figo sees itself as creating a bridge between Fintech and the banks, and solving problems that PSD2 doesn’t solve.
The organisers of APIdays in Paris do a great job of juxtaposing many different strands of thought. It’s a good place to think around a topic and look for ideas – if not answers.