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NETS AND OPENWAY COLLABORATE ON MONETIZATION OF PSD2 AND OPEN BANKING
NETS AND OPENWAY COLLABORATE ON MONETIZATION OF PSD2 AND OPEN BANKING
Published by Gbaf News
Posted on December 16, 2017
Global Banking and Finance Review
Company
Published by Gbaf News
Posted on December 16, 2017
Nets, the Nordic digital payments specialist, and OpenWay Group, the leading digital payment software developer and vendor, today publish a white paper for stakeholders seeking to monetize from PSD2 and open banking.
The paper is entitled “PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards Open Banking services & revenue streams”. It explores stakeholder opportunities in open banking and addresses key business challenges presented by shifting consumer mentalities and expectations. It also highlights the conventional and emerging monetization drivers relevant to PISPs, AISPs and ASPSPs.
The authors propose a new concept, the ELASTIC user journey, which defines what consumers expect from a service provider at each stage in their payment experience. The paper also explains how an open banking architecture can deliver against these requirements.
Banks, merchants and other PSPs can use the checklists from this white paper to assess their readiness for PSD2 and open banking.
The core idea of the white paper is that providing digital interfaces to well-established banking services and complying with evolving regulations is no longer sufficient to stay competitive in the market – it is the service offering that matters. For any service provider, one of the key objectives is to provide fast customer onboarding and promote spending on the basis of the enhanced service cycle.
“As the industry moves towards open banking, we can predict changes in the revenue dynamics of credit-based products,” comments TuomasNenonen, CMS Product and Business Development, Nets. “Banks will benefit greatly if they are able to transition from the product paradigm towards thinking holistically about credit line/liquidity management. Today ‘credit’ usually means cards or loans, but in the future credit will be distributed easily across different products. The new credit offering will also enable higher revenues by being able to carry different flexible fees and interests.”
“Payment processors are well-positioned to provide a complete solution that is both PSD2-compliant and open banking-oriented,” adds Alexander Tikhomirov, Business Development, OpenWay Group. “Banks and merchants can manage the early-adopter risk by leveraging the processors’ technological leadership and market knowledge. As for OpenWay, we are supplying the innovative WAY4 platform that supports Nets in their mission to deliver maximum benefits to their customers: PISPs, AISPs and ASPSPs.”
The white paper, PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards Open Banking services & revenue streams, is available for download without charge here.
Nets, the Nordic digital payments specialist, and OpenWay Group, the leading digital payment software developer and vendor, today publish a white paper for stakeholders seeking to monetize from PSD2 and open banking.
The paper is entitled “PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards Open Banking services & revenue streams”. It explores stakeholder opportunities in open banking and addresses key business challenges presented by shifting consumer mentalities and expectations. It also highlights the conventional and emerging monetization drivers relevant to PISPs, AISPs and ASPSPs.
The authors propose a new concept, the ELASTIC user journey, which defines what consumers expect from a service provider at each stage in their payment experience. The paper also explains how an open banking architecture can deliver against these requirements.
Banks, merchants and other PSPs can use the checklists from this white paper to assess their readiness for PSD2 and open banking.
The core idea of the white paper is that providing digital interfaces to well-established banking services and complying with evolving regulations is no longer sufficient to stay competitive in the market – it is the service offering that matters. For any service provider, one of the key objectives is to provide fast customer onboarding and promote spending on the basis of the enhanced service cycle.
“As the industry moves towards open banking, we can predict changes in the revenue dynamics of credit-based products,” comments TuomasNenonen, CMS Product and Business Development, Nets. “Banks will benefit greatly if they are able to transition from the product paradigm towards thinking holistically about credit line/liquidity management. Today ‘credit’ usually means cards or loans, but in the future credit will be distributed easily across different products. The new credit offering will also enable higher revenues by being able to carry different flexible fees and interests.”
“Payment processors are well-positioned to provide a complete solution that is both PSD2-compliant and open banking-oriented,” adds Alexander Tikhomirov, Business Development, OpenWay Group. “Banks and merchants can manage the early-adopter risk by leveraging the processors’ technological leadership and market knowledge. As for OpenWay, we are supplying the innovative WAY4 platform that supports Nets in their mission to deliver maximum benefits to their customers: PISPs, AISPs and ASPSPs.”
The white paper, PSD2 Consumer Solution: for payment players adopting PSD2 as a step towards Open Banking services & revenue streams, is available for download without charge here.