New open banking rules change how banks handle client financial information and require them to share data, such as spending habits, with authorized third parties if clients give their permission to do so. Banks need to look beyond compliance to maximize the opportunity of open banking.
Open banking is changing the financial services industry, giving consumers additional control over their data and helping them save, borrow, lend, transact and invest in more ways than before.
Financial institutions must share all of their product offerings, making it easier for consumers to compare accounts across banks. Increasing competition will likely lead to more innovation and with it, better products to help people manage their money.
Where one person sees challenges, another sees opportunities. The right partner can help you meet open banking regulations in tight timeframes and control costs while maintaining bank-grade security and compliance, freeing up resources to focus on your core business.
Stay compliant with a regulatory process that helps you prepare for the future – and all of the possibilities open banking has to offer.
Why risk doing it all yourself? Setting up and operating your own open banking platform and toolkit can delay you in getting more products out the door to take advantage of the opportunities of open banking. Save the time, risk and investment in your own platform; leverage FinKit for Open Banking to focus on what really matters – better serving customers while substantially reducing costs.
FinKit™ for Open Banking from Fiserv is a fully managed service and complete solution that enables you to comply with the regulations mandated by the European Union's (EU's) Payment Services Directive 2 (PSD2) and United Kingdom's (U.K.'s) Open Banking Implementation Entity (OBIE). We provide the platform, process and expertise that enables financial institutions to get – and stay – compliant with open banking regulations by publishing APIs and providing the processes required for the institution, authorized third parties and regulators.
Fiserv provides FinKit for Open Banking for retail banks (business and consumer) on a pay-as-you-grow basis to allow for the uncertainty over initial consumer take-up.
Whether it's U.K.- and European-style mandated changes or simply adopting more API-style interoperability at the industry level, open banking is uniquely evolving in different parts of the world, though a constant is the need for security, experience and value for the banking customer.
The open banking experts at Fiserv are engaged in all of the relevant working groups and industry bodies to make sure we stay ahead of the regulatory technical standards.