Compello explains industry relevant words and techniques, as typical buzzwords

 

What is Open Banking?

Open Banking is a term referring to the opportunity for a third-party solution – an application, for example – to cover processes at a bank.

 

How does Open Banking work?

If a bank opens up its APIs for the market, anyone can develop third party solutions that can support processes at a bank that can replace the payment solutions of the future.

 

Opportunities with Open Banking

With the help of the open APIs, this may lead to customers having greater options when it comes to selecting applications and solutions for handling various processes linked with banking, irrespective of who they bank with.

 

Open Banking and Compello

It is important for Compello to adapt to new technology and to keep up with the payment solutions selected by consumers. This is why we want to carefully monitor the applicable standards and requirements for such solutions and to focus on being able to supply good solutions using the underlying infrastructure.

 

Relevant terms to Open Banking: API, PSD2, FinTech, payment systems

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