WHAT IS OPEN BANKING?

This is a financial term used to explain a new innovative financial technology that involves the use of open API’s that allows third-party programmers to develop products and services for the financial institutions. These products and services would go ahead to ensure high transparent transaction within the financial institution.

IS IT REVOLUTION OR EVOLUTION?

Banking sector has been normal with its traditional way of running financial transaction until an adopted revised Payment Services Directive, known as PSD2 by the European Parliament was finally implemented in 2018 but the rate of acceptance has relatively been slow as observed by the low number of banks that have adopted the regulation. However, the parliament gave grace and deadline of September 2019 for banks to start testing their services. From observations, though banks and financial technology providers are yet to fully swing into the use of open banking services, most have set up strategies on how to implement this.

Whether it is a revolution that is about taking over fully from the traditional way of doing things or an evolution that is just trying to adjust and improve on what we had before is all dependent on factors like good decision by fintech to work with proven companies like ours (FSBT TECH) and foster a solid trust bond. It is a gradual process and the steady improvement on the data for use of banking APIs yearly shows the innovation is on the right track. Yes, it is, though it will take time a time will come when the numerous advantages that come with its usage with totally wipe out any kind of doubt it might have now.

WHAT EXCITEMENTS DOES THIS BRING US?

I can’t wait because we going to witness totally new stuff that is positive, cool and have been generally accepted by the majority as a splendid way of banking. By the expiration of the deadline (September 14, 2019), banks will operate on open banking that will see the introduction of the European Banking Authority’s SCA (Strong Customer Authorisation) and CSC (Common Secure Communication) standards. The protocols will determine how banks allow access to customer data thus enabling an advanced way of banking in a secure way and also growing a relationship between these third-party providers and the bank. All these can be made possible by making sure the customer’s trust is gotten and assurance given to the customer, that he is doing a financial transaction in the best possible innovative transparent way.

Individually, these two bodies (banks and fintech) might not achieve feats ( some unimaginable ones) they would do now they are in partnership when this open banking becomes a full force. Customers will have their trust guaranteed when this involves proven companies and thus this will be a key factor in 2019 and beyond to maximize the customer's financial security.

Because of the general assessment and acceptance of this open banking and the efforts lined up by both banks and fintech, it is believed that the excitements and progress live beyond 2019. Where it has been predicted that in the future majority of all financial transaction will be automatic, it goes to say the importance of open banking won’t be overemphasized as it will ensure the customers enjoy easy control of their account while having the trust that it is secured. Moreover, the success of this open banking in accordance to the PSDT2 by the European Parliament is already believed to be a sure possibility, that’s why a proposed PSDT3 has already been made as a suggestion by a certain Berlin group.

WHY WE ARE THE BEST COMPANY TO WORK WITH FSBT TECH

It has already been said that one of the factors that ensure a fintech company or third- party developers are successful is when they garner trust from the customers and these are actually made more easy and possible when you work with the right company or bodies that make a workable and technically trusted APIs.

At FSBT TECH, we are driven with the passion to ensure a successful evolution and revolution of open banking by standing out as a proven renowned APIs manufacturer. We don’t just provide APIs for fintech developers, rather we provide them with APIs that has tools and services for external developers.

FSBT API opens a wide spectrum of possibilities for software developers and partners. These includes

— -> An easy access to our API: Open API allows an external developer to create modern financial services based on FSBT infrastructure and internal processes. These applications can both expand the functionality of the service’s products and adjust to the needs of other company. Use cases of such applications are limited exclusively to developers’ vision and preferences of potential clients.

— -> Provision of educative and enlightening Conferences: FSBT will occasionally hold DevDays technological conferences for independent developers and financial institutions.

— ->Inclusion of Vital set of FSBT services: We possibly will provide a complete set of FSBT services under the personal brand (white label). With this service, any institutional organization will be able to use our applications and services without the need to modify their existing infrastructure. All that is going to be done while keeping your own clients and offering them dedicated FSBT API services under the personal brand.

— -> Provide an opportunity to providers to introduce and test their complete developments. A showcase of financial applications by fintech using our efficient FSBT API.

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