APSI event, Luxembourg: PSD2 & Open Bank APIs
APSI, L’association des professionnels de la société de l’information in Luxembourg, held their most recent event on March 30th 2017 at the Luxembourg Chamber of Commerce offices. The purpose of the event was to discuss the API Economy, API adoption in the banking industry and PSD2.
The line-up of speakers included Jean Diederich, Partner at Wavestone and President of APSI, Luxembourg, Tricia Balfe from XMLdation, Paolo Malinverno from Gartner, David Andrzejek from Apigee / Google Solutions, Serge Wagener from BCEE, andLouise Klaa from Women In Digital Empowerment.
Jean Diederich gave a great overview of the API economy, and talked about technology as business and the concept of B2D (Business to Developer), where solutions (APIs) are built to cater specifically for developers. Gartner analyst Paolo Malinverno emphasised the opportunities for banks in the API economy, while David Andrzejek talked about demand chain competition and how the biggest success stories are now companies that make ‘consumption’ easy e.g. netflix and data centres. David gave great examples of companies that have been transformed by adopting an “API as product” strategy, from Uber to Walgreens, the century old US pharmacy chain. Tricia Balfe presented on PSD2 and outlined the new solutions from XMLdation that support onboarding of Fintech developers to open bank APIs.
Interestingly for a PSD2 related event, there was more time given over to explaining the open bank API opportunities triggered by PSD2, rather than discussions around PSD2 regulation. When asked from the floor ‘how long can we wait’, Paolo Malinverno suggested that this depends on geography. In early adopter markets like the Nordics, the time window is shorter. Apigee is more provocative : the tagline they used for their most recent world tour was ‘Adapt or Die’. Their advice was if you want to operate in the API space you need to start, “You have to get wet to learn how to swim”.
Thanks to Jean Diederich for organising a great event.