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PSD2 Opening of Banks to Third Party Providers via API’s


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First of all, here is a nice and simple explanation of the PSD: https://outoftheboxcriticalthinking.wordpress.com/ 

Now after reading that, have a gander through this: https://www.verdict.co.uk/retail-banker-international/news/psd2-open-banking-ticking-time-bomb-eu-financial-institutions/

Now some questions.

Are Ripple/Bank partnerships an agreement on exclusive API use?

Are banks scrambling to offer their own API services that TPP’s maybe targeting, before the 2019 deadlines?

Will banks consider using the best API’s available in fear of third parties that may offer their customers better services? (Santander app?)

How about the rest of the world? The EU seems to be on the ball. How about the U.S, Asia? Do they have something similar in the works?

How does X-Rapid fit in with this?

Can we expect green candles in March and September 2019?

Fire away with thoughts and questions.

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The shallow bottom line here is that FIs are forced to get into interoperability mode via APIs. The direction in which this goes together with the W3C is the ILP ecosystem and payment APIs. This is all designed with having XRP in mind and by having incentives for a healthy XRPL market share in the future. So this is then how XRapid fits into this picture where mammoths in the market are forced to participate to broaden the ecosystem and bring better products to customers and thus more money to people who understood the signs in the early days. Be it investors, speculators, developers, or decision makers. The IoV is a global movement we are witnessing. It will still take years but when we keep going with all the good news this will be better for all of us. 

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5 hours ago, Flintstone said:

Are banks scrambling to offer their own API services that TPP’s maybe targeting, before the 2019 deadlines?

Ofcourse! That was already the case, but with PSD2 it’s accelerating. They trying to keep their customers loyal to their brand but are also developing co-branded services. Anyone who thinks that banks are just sitting ducks , is naive. Ofcourse there are differences between banks, as there have always been, some being more and others being less competetive. 

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