Re: post competition and banking in a post psd2 world

I think that Frederic is correct that banks will take less interest in
payments but that doesn't mean they won't still hold accounts. They will
expose those accounts via APIs and the consumer facing products that
initiate payments will be non-bank.

i.e. Nobody will have their salary paid into their Facebook account but
they will allow Facebook to initiate transactions on their account (within
well defined limits).

The Open Bank API is already running (and integrated to a number of German
banks) and has code available under AGPL.
It's not a stretch to imagine this (or something similar) as the basis for
PSD2 APIs

On 23 May 2016 at 06:48, Anders Rundgren <anders.rundgren.net@gmail.com>
wrote:

> On 2016-05-22 23:03, Frédéric Meignien wrote:
>
>> This paper understates the impacts.
>> The future is : banks going out of the payment market, voluntarily or
>> not, and many types of new actors coming on the scene.
>> That is why, in our work, we must keep an eye on how the API
>> reconfigures the roles of all the actors.
>>
>
> Since there is a certain inertia involved, consumers may not necessary
> want to have their main account (where their salary lands) in Facebook
> but one can imagine that they setup an auto-transfer link to a payment
> provider that offers better conditions (interests, bonus) as well as
> new options for using and receiving money.
>
> A remaining issue is still how to define such APIs unless we are
> talking about a super-provider that effectively sets the standard for
> everybody else.  SEPA took a virtual eternity to develop so a set of
> "next generation" providers must (in order to get anywhere) come up
> with a MUCH better collaboration method.
>
> If I were involved in such an endeavor I would consider an open source
> reference system as well as free public servers for interoperability
> testing.
> This will still not guarantee success and funding common work by
> competitors
> has proven to be extremely difficult so from my horizon the super-provider
> solution unfortunately looks way more realistic than new fancy APIs :-(
>
> Anders
>
>
>
> Fred
>>
>> Le 22/05/2016 18:52, Anders Rundgren a écrit :
>>
>>> http://www.chyp.com/post-competition-and-banking-in-a-post-psd2-world/
>>>
>>> I find the Facebook scenario truly fascinating.
>>>
>>> A question that comes to my mind is if it is really necessary that
>>> every social media site becomes a PISP in order to achieve this kind
>>> of functionality.
>>>
>>> Anders
>>>
>>>
>>
>>
>
>