Why is GoCardless launching the Open Banking Hub?
By Samantha NorthJun 20172 min read
Open banking is one of the most important emerging trends in the world of finance today.
It involves using technology to transform the financial services industry, levelling the playing field and giving consumers more control of their data.
This all stems from the introduction of PSD2...a term that may already sound familiar. PSD2 is short for the ‘Payment Services Directive 2’ and was designed as a pan-EU project, involving a range of countries within the bloc.
Together, PSD2 and open banking are gearing up to revolutionise the payments industry. The new directive is likely to affect everything from how we pay online, to the information we see when making a payment.
As part of this change, banks will be required to offer open APIs to allow third party developers to build apps around various elements of the financial services industry.
Fintech companies and other innovators will have the chance to leverage data in ways that benefit the customer.
But in reality, Open Banking is about more than APIs…
We believe technology has the power to unify and simplify finance.
That’s why GoCardless is launching an Open Banking Hub. Our goal with this platform is to disseminate insightful and informative content to help our audiences better understand the many benefits of open banking, for both their firms and their customers.
The GoCardless Open Banking Hub will also be useful for keeping track of how the open banking trend will impact us all. For busy senior executives in the financial services industry, projects such as implementing PSD2 requirements can become just another sprawling management concern.
Success of those projects hinges on how well you serve your customer. Everything published on the Open Banking Hub will be written with that philosophy firmly in mind.
The Hub will aim to provide some all-important context for understanding open banking. To do that, we’ve created a comprehensive timeline of the PSD2 project.
What’s more, the open banking revolution is full of acronyms and complex terms. To help you navigate this new world with ease, we’ve created one of the first open banking glossaries, which we’ll continue to update as new terms emerge.
Our Hub will feature a wide range of content, including interviews with key stakeholders — banks, investors, industries around the world, along with summaries, news and reviews of key events and announcements, plus deep dives into the various technology that’s driving the open banking revolution.
In addition, the Hub will offer a range of expert insights into how the latest developments in regulation and compliance are being shaped, and how organisations can use them to gain a competitive edge.
We’ll be talking to everyone from investors and entrepreneurs to industry organisations, in a bid to uncover how open banking will impact the financial services industry and beyond.