Since 2015, open API initiatives have gained increasing traction in the EU and retail banking is on the verge of unprecedented change. The Second Payment Services Directive (PSD2) is a significant evolution of existing regulation for the payments industry, which requires banks to open up their customers’ account data to newly regulated third party providers.
Many in the payments industry believe that the PSD2 requirements can best be through the use of APIs. Further information can be found in a Payments UK briefing: APIs – what do they mean for payments?
The Envestnet® | Yodlee® Open Banking API addresses PSD2 requirements that will allow financial institutions to safely and securely share their data with developers and third-party solutions providers. With this API, financial institutions and developers will be able to implement new apps in weeks, not months or years.
Incredibly complex and disparate systems plus stringent security, regulatory, and compliance controls have long prevented FIs from accelerating innovation with internal and third-party developers. The Yodlee Open Banking API delivers everything the financial industry has long searched for when it comes to development: speed to market, regulatory compliance, security, and access.
As a first of its kind for the financial sector, the Yodlee Open Banking API provides a custom application programming interface (API) that is purpose built and co-branded for each financial institutions’ unique environment. By connecting all internal bank systems and exposing data in a secure, compliant manner, the Yodlee Open Banking API makes it easy for FIs to innovate with the same speed and agility as today’s non-banking digital innovators.
Bill Parsons, SVP and General Manager, Products and Data Analytics at Envestnet | Yodlee, and Deven Maru, Senior Product Manager at Envestnet | Yodlee, will demo the Open Banking API at FinovateEurope 2017 on Tuesday, February 7th during the 10:45am – 12:05pm session.
FinovateEurope is a two-day conference held at the Old Billingsgate Market Hall in London on February 7th and 8th. Finovate attracts senior financial, banking, and technology executives, influential press, expert analysts, innovative entrepreneurs, venture capitalists and other industry leaders. In 2016, Finovate hosted a record-setting crowd of over 1,500 attendees in expects to see even more interest in 2017.
Join our demo and visit the Envestnet | Yodlee booth at FinovateEurope to learn more. Feel free to connect @Yodlee #FinovateEurope on Twitter to join the conversation and we look forward to seeing you there!
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