Open Banking 101: An Introduction to the Way Payments Will Work in the Future

Report Overview

Open banking. PISPs and AISPs. APIs. PSD2. These are all terms that are hot industry topics right now, but what these things mean for the merchant community is often over-looked. In our latest white paper, we’ve gone back to basics to explain what open banking is, why it’s so important, and what merchants should be doing to prepare for the changes it will (hopefully) bring.

Payments is on the cusp of a revolution, and everyone with the best interests of the merchant community at heart hoped that PSD2 and the open banking initiative would be the catalyst for that change. In the coming years, we believe that payments will be seen more and more as a revenue-driving and customer-experience-improving opportunity for merchants, and less of the burden it is often unfortunately thought of now. How big of a revolution, and how much of a benefit merchants receive from these changes, depends greatly on the actions they take now.