The open banking movement is picking up steam – and we’re seeing an uptick in companies launching “open banking platforms”. But without defining what this really means, it’s impossible to make a like-for-like comparison. So we’re stripping away the term – and giving you a checklist with the criteria that really matters when evaluating a tech partner.
With less than three months to go before the big September PSD2 deadline – when all banks are required to release their APIs and third parties are required to use them – a handful of companies are releasing new services that they’ve dubbed “open banking platforms”. And it creates a lot of confusion, making it hard to tell the 20-person startup that isn’t live yet from the established, experienced players.
Now we’re not talking about internal banking systems that are used to modernise core banking services or about platforms that help banks comply with PSD2 regulations.
We’re talking about the platforms that allow you to access the data from the banks’ PSD2 APIs, as well as third party APIs that go beyond the scope of the regulation. They allow everyone from large financial institutions to fintechs and startups to create new digital services that improve the way people manage their money – and there’s a big difference in what’s on offer.
So we created a buyer’s guide – a checklist that lays out the criteria that really matter when picking an open banking tech partner. We spoke to our engineers, product managers, and customer success teams to identify the seven key factors – the features that can make the difference between an okay service that sits in the middle of the market, and one that’s truly valued by customers.
We’ve been doing this for a long time and believe these are the key differentiators in the open banking space. Your answers to each will help you assess potential partners – and most importantly – prioritise the most important factors for your organisation.
This way, even amidst all of the noise and value propositions, you can compare apples to apples.
Click here to open the PDF file.
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