New report identifies issues delaying EU Open Banking

Mercator Advisory Group has released a report describing issues delaying EU Open Banking and contrasts it to the surge in API cloud-based solutions.

The report, The Emergence of API Platforms: Open Banking Drives New Business Models, identifies the technical and regulatory issues that continue to be challenges to lift-off for the European Union's Open Banking vision and contrasts that situation with the structures that have driven a surge in the availability of cloud platforms that use APIs to enable similar services, such as payments.

Highlights of the research report:

• Identifies six API deployment strategies, including recent platform-as-a-service (PaaS) business models.
• Identifies the issues that have delayed, and will continue to delay, broad adoption of the EU Open Banking initiative.
• Identifies APIs currently available from major US banks as a contrast to the APIs mandated under PSD2.
• Discusses the new cloud-based platform products and services released by Visa and Mastercard that support and challenge the EU initiatives.
• Indicates the capabilities needed to deploy a platform-as-a-service solution, which also suggests areas of the PSD2 initiative that need to be strengthened.
• Provides a predictive timeline for API-driven Open Banking and payments innovation within the European Union.
• Provides a predictive timeline for API-driven Open Banking and payments innovation within the US market.

Companies and other organisations mentioned in this report include: Bank of America, The Berlin Group, Citibank, Citizens Bank, European Banking Authority, Fidor, Financial Conduct Authority, Mastercard, Railsbank, solarisBank, Visa, Vyze, and Wells Fargo.