“The use of Open APIs can enable Open Banking business strategies since Application Programming Interfaces are the pivot between products and distribution. New combinations of services, functionality and data as well as novel distribution channels may be created, which will especially thrive and create customer value if they are based on industry-wide API standards,” said Daniel Szmukler, Director, Association Services, Euro Banking Association.
“Cryptotechnologies have the potential to transform, among other things, the trade finance business of banks. They can make the value chain more transparent, reduce error rates and credit risk as well as cut internal costs in transacting with other participants.”
EBA Chairman Wolfgang Ehrmann placed a special emphasis on the need for industry practitioners to understand “the business relevance of Open APIs and Open Banking for banks”, according to “Understanding the business relevance of Open APIs and Open Banking forbanks” report.
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