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Commerce and technology may obtain banking information without intermediation of the bank with the new year

The big businesses and technology companies will be able to obtain

banking information without intermediation from the entities as of the coming into effect this January of the new European directive on payment services (PSD2, according to its acronym in English).

It is one of the main conclusions of the last Open Banking report prepared by Accenture, which recalls that the opening of banks’ networks to third parties will allow consumers to transfer funds, compare products and manage their accounts outside the banking environment.

The new regulation will oblige banks to allow third-party companies access to consumer payment services in a regulated and secure environment, with the prior consent of the consumer.

The aim of this directive is to increase competition, innovation, and transparency in the European payment market while improving the security of online payments and access to accounts.

According to the report, about a third of the businesses will be able to connect directly to the banks to obtain consumer information and initiate payments from this month of January, for which the banks must provide access to third-party suppliers, while 90% of the businesses may do so by 2019.

“The ‘Open Banking’ (as it is popularly known to open the banks’ networks) will allow large businesses and technology companies to offer a better payment and reimbursement experience and will be a great opportunity for banks to reposition the bank account in the heart of the payments, initiating payments in accounts from the own trade as an alternative method to the credit card “, said the general director of financial services of Accenture in Spain, Portugal and Israel, Fernando Rufilanchas.

With regard to smaller stores, Rufilanchas stresses that they will have to determine if they create their own payment instruments, such as a shopping application that combines payments and e-commerce, or if they prefer to associate with an intermediary capable of developing a universal instrument. connected with banks.


The ‘Open Banking’ will also allow businesses and banking to work together without the need for intermediaries, such as payment gateways and acquirers and one of the ways in which businesses will access the data of banking users in a secure environment and control will be through the application programming interfaces (API).

In this sense, the Accenture report highlights that while these APIs will allow businesses to reduce or eliminate card transaction fees, they will also enable banks to offer additional services, such as point-of-sale loans or identity verification- Helpers home page. through third parties, thus taking advantage of the trust of its customers.

According to the data in the report, traders plan to use APIs to adapt products (74% of respondents); initiate payments directly with banks to negotiate better transaction rates (53%); reduce fraud (53%); and generate relevant offers at the point of sale and discounts based on consumers’ consumption habits (51%).

Also according to the stores, the APIs that they intend to introduce in their point of sale channels are the display of the balance of the bank account (67%), the start of payment (63%) and the transaction history of the bank account (60 %).

“Regulation in Europe aims to achieve greater competition for the incumbent banks from fintechs and retailers, and therefore a greater number of options for consumers,” said the Accenture senior director and banking director worldwide. , Alan McIntyre.

However, he points out that the big question will be whether consumers will be willing to share their financial data with external companies, something that has been questioned so far regarding privacy and security.

In any case, McIntyre points out that if retail customers begin to initiate payments directly through sales channels from retail stores, the first impact that banking will feel will be a decrease in transactions with debit cards.

“At the same time, if retailers really want to evolve the in-store consumer experience, they should add innovative options, such as allowing customers to automatically pay when they leave the store using biometric authentication,” he concludes.