Open Banking  - The 3 Main Focus Areas for Banks and FinTech

2019 has set the stage for the next round of the match-up between Banks on one side and FinTech [1], BigTech and other challengers on the other. Come September, the requirements for Strong Customer Authentication will come into play and the race is on to get a head start. Some banks are indeed dragging their feet and just trying to do the bare minimum to be compliant. While others are more active and looking to one-up the disruptors while they are ahead.

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Leveraging PSD2, The FinTech Edition

FinTechs aim to bring the data, tech and UX (user experience) centric approach of technology firms into the mainstream financial services sector. Banks are no strangers to voluminous data, but technology firms have succeeded by using that data to spot patterns and predict customer behavior in a way that has given them market dominance. By using similar principles and tailoring their product offerings accordingly, FinTech firms have successfully created a sub-niche for themselves in the payments industry.

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PSD2 and HSM-as-a-Service - part 2: FinTech opportunities

In Part 1  of our series on PSD2 and HSM as a Service, we had a brief look at how these tools can together create a more level playing field in the payment services sector. While PSD2 entitles third party entities access to certain data from banks, HSM as a Service can allow companies to offer industry leading security solutions at a reasonable cost.
In this article, we look at the potential opportunities that this creates for FinTech companies and other Third-Party Partners (TPPs).

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PSD2 and HSM as a Service - part 1: leveling the playing field

Certain events can drastically change an industry forever. The Revised Payment Services Directive (PSD2) mandates certain changes that has the potential to significantly alter how the payments industry operates in the EU. For commercial banks, the run up to PSD2 has meant hectic activity and restructuring of their technical processes.

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How eIDAS is related to PSD2 & AML4 and relevant for banking & financial services

In the context of a Digital Single Market in Europe, the need for secure electronic transactions across member states is a big topic for banking and financial services players. Electronic ID and trust services are key compliance factors for identification and authentication after recent regulatory updates such as PSD2 or AMLD4.

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Securing the financial cloud

Together with a consortium of four companies and a university, Utimaco has been researching since  March 1, 2014. The aim of the project is to design and develop financial cloud architecture for transferring highly sensitive financial transactions via cloud services.

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Bucking the trend – how cloud HSM services can help banks team up with fintech challengers

“Disruption” is usually the first thing that comes to mind whenever the relationship between the established financial service behemoths/ banks and new-age FinTech firms is discussed. After all, FinTech firms have already made deep inroads into areas like payment processing, digital wallets and other tech heavy applications. However, banks and FinTech/ BigTech firms don’t really have to be on a head-on collision course.

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