Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Sibos London 2019: Banks that fail to embrace APIs ‘face existential threat’
FSTech | David Adams | Sep 24, 2019
FinTechs could usurp banks to become the primary providers of consumer and business services if the incumbents fail to embrace Application Programming Interfaces (APIs) as a means of reforming and reinvigorating business processes.
This was according to Citi’s Tony McLaughlin, who has responsibility for emerging payments business development and treasury and trade solutions at the bank.
He told delegates at Sibos in London that
Open Banking is not a regulation or compliance project, but “a test case as to whether our industry will move into the 21st century”, inviting delegates to “acknowledge the gap between the digital expectations that businesses and consumers have for banking and the reality of banking” and to face up to the fact that financial services will be embedded into digital platforms in future. -- Citibank, Tony McLauglin
He urged banks to embrace Open Banking in full, by creating the APIs that will be used on those technology platforms and collaborating on the development of global standards for API use and security.
McLaughlin’s message was echoed elsewhere at the conference, including during an interesting panel discussion featuring experts at Bank of America Merrill Lynch, Lloyds Banking Group, BNP Paribas Securities Services and ClearBank, talking about how and why each was using APIs.
BNP Paribas Securities Services global head of digital client experience Paud O’Keefe described the challenges that a long established bank faces in trying to make full use of APIs -
“We’ve got legacy systems, we’ve got siloed data” - and stressed the need for banks that have poured money into enhancing data management capabilities in recent years to get the most out of those investments. -- BNP Paribas Securities Services, Global Head
But he also insisted on the importance of making the most of APIs.
“If you don’t have that real-time access to your data, that ability to communicate with your peers and FinTechs, you’re not going to be at the table,” O’Keefe said. “You’ve got to have API-enabled systems.”
Continue to the full article --> here
Related:
-
Designing a data transformation that delivers value right from the start
-
Open banking has a big branding problem, government’s public opinion research suggests
-
While Canada debates, others are commercializing our most valuable asset: data
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Want to get insider access to some of the most innovative advances happening in #fintech. Join us May 31, 2023 in Toronto for an in-person 7th Summer Kickoff Networking! |
Related Posts
New crowdfunding platforms coming to the US
Fintech Ideas for College Students
Canada’s Open Banking Journey: Interview with EY’s Dr. Francesco Pisani and Dr. Alexander Christoph
Vanguard Developing Blockchain Platform for $6 Trillion Forex Market
25 Amazing Crowdfunding Stories Highlight FundRazr’s $25 Million Milestone 
The top crowdfunding campaigns of the month
Leave a Reply