{"id":6537,"date":"2018-12-07T12:35:15","date_gmt":"2018-12-07T12:35:15","guid":{"rendered":"https:\/\/www.b2econsulting.com\/?page_id=6537"},"modified":"2021-09-11T16:26:39","modified_gmt":"2021-09-11T15:26:39","slug":"open-banking-fintech","status":"publish","type":"page","link":"https:\/\/www.b2econsulting.com\/open-banking-fintech\/","title":{"rendered":"Open Banking & FinTech Services"},"content":{"rendered":"

Open Banking & FinTech Services Overview<\/span><\/h2>\n<\/div>
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January 2018 saw the introduction of Payment Services Directive 2 (PSD2) in the UK, which is often also referred to as \u201cOpen Banking\u201d.\u00a0 This allows consumers to choose to share bank information with third parties including \u2018merchants\u2019 (like Amazon for instance). This would avoid the need to use a credit\/debit card or PayPal.<\/p>\n

Having been involved in a number of FinTechs and start-ups B2E Consulting is well placed to advise clients on how to identify, explore and exploit the potential business opportunities. Indeed we even have our own inhouse FinTech in the Benefits Administration space \u2013 our sister company B2E Technologies<\/p>\n<\/div>

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Open Banking & FinTech Services<\/span> Overview<\/span><\/h2>\n<\/div>
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January 2018 saw the introduction of Payment Services Directive 2 (PSD2) in the UK, which is often also referred to as \u201cOpen Banking\u201d.\u00a0 This allows consumers to choose to share bank information with third parties including \u2018merchants\u2019 (like Amazon for instance). This would avoid the need to use a credit\/debit card or PayPal.<\/p>\n

Having been involved in a number of FinTechs and start-ups B2E Consulting is well placed to advise clients on how to identify, explore and exploit the potential business opportunities. Indeed we even have our own inhouse FinTech in the Benefits Administration space \u2013 our sister company B2E Technologies<\/p>\n<\/div>

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How will Open Banking & FinTech S<\/span>ervices help you?<\/span><\/h2>\n<\/div>
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\u2018The implementation of PSD2 directive (aka \u201cOpen Banking\u201d) from 13 January 2018 will be seen as a watershed, the impact of which was underestimated by many.’<\/span><\/h3>\n<\/div>
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Typical Business Challenge<\/em><\/strong><\/h3>\n

According to the UK Payments Council, half of the 10 oldest continuously operating banks in the world were founded in the UK starting in the late 1600s. In many ways the service offered by banks has been \u201cthe same\u201d ever since: a safe home for deposits, access to loans for those who qualify, payment facilities and reports on one\u2019s account(s). That all changed on 13 January 2018!<\/p>\n

The implementation of PSD2 directive (aka \u201cOpen Banking\u201d) from 13 January 2018 will be seen as a watershed, the impact of which was underestimated by many. In meetings with senior people responsible for innovation at two of the UK\u2019s top 10 retail banks, both mentioned near identical innovations \u2013 a mobile phone application developed by Bank A which would allow consumers to seamlessly transfer funds to and from accounts held at other banks. Whilst this is a moderate improvement for those consumers with multiple current accounts, it is trivial convenience compared to the changes which will be seen.<\/p>\n<\/div>

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