Why European Banks Can't Stop Talking About Open APIs

Not a long time ago, one of the many technology conferences in Europe – Phoenix Conference – was held in Prague. It is interesting in the fact that it explores the potential of financial technology in the emerging markets of Central and Eastern Europe. Banks from all over the region showed serious interest in the event even though financial institutions of the Czech Republic, Austria, Poland and Turkey were dominating at that point in time.

The common theme on the first day of the conference was the issue of innovation – the models of organizational implementation and related problems. One of the key drivers, in addition to changing customer preferences and appearance of new FinTech companies for all financial and technological ecosystem, is the European directive PSD2. Under this directive, banks will be obliged to open the APIs and their infrastructure to third-party developers.

The representatives of Czech Erste Bank speculated about the introduction of this legislative initiative. They believe that in the near future, banks will be divided into two parts. The first part will continue to provide stand ...

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