Prepare for the future of Payment APIs & get ready for PSD2
In today’s world...
...consumers are demanding new innovative ways to pay and to manage their accounts. We have already entered a new agile payments world – moving away from traditional approaches to real-time online payments.
Open Banking is changing the industry’s landscape. It enables improved customer experience and new revenue streams.
To take advantage of this disruption, payment organizations need to step into the future and find the right strategy to secure their growth.
While offering a robust environment for traditional payment methods, legacy payment systems were not designed with Open Banking in mind as this technology didn’t exist yet . Many payments organizations are now faced with the challenge of bridging the gap between their existing mission-critical systems and new innovative payments technology.
With Open Banking comes a huge risk of losing market share to competitors. Traditional service providers will be disintermediated, which will affect the revenue pools of banks on the merchant side as well as on the corporate side. Currently, there is no immediate opportunity to replace this income.
New, disruptive regulations like PSD2
In Europe, the Open banking world is going to be accelerated by the highly disruptive Payment Services Directive 2 (PSD2). At the core of PSD2 is the requirement for banks to offer access to the bank accounts of their customers, which is called access to account (XS2A).
Get ready for Open Banking
The possibility to access customer account information and initiate payments opens new opportunities for financial institutions. IT is becoming a strategic part of the business by driving new sales potential while losing its reputation as a mere cost center.
Those payment organizations that offer open banking capabilities ahead of the competition, will get a head start in securing new customers. Fast time to market will be critical for success.
A holistic Open Banking strategy enables payment organization to comply with PSD2 requirements and to be ready for whatever the future brings.
PSD2 & Open banking with comforte
The comforte Payment Suite redefines the way payment organizations can ensure their business success. Due to its flexible and open architecture, it forms the ideal platform for digital banking transformation.
Partnering with the right company allows you to proactively focus on innovation while significantly reducing the costs of API development and maintenance. This approach enables you to stay ahead of the crowd in implementing new innovative business models quickly and at the lowest risk possible.
Stay ahead of the crowd in implementing disruptive applications and gaining market share.
The comforte Payments Suite is composed of integrated components that can either run stand-alone or fully embedded with other payment applications. Its flexible architecture makes it possible to perfectly tailor the solution for any organization – according to their specific business and technical needs.
Now is the time to prepare for the future of PSD2 & Open Banking! Schedule a discovery workshop with us today.
To find out more about how your organization can adapt, read our payments solution brief.Download Solution Brief