How is open banking driving the new payments frontier?

July 10, 2020 | Rune Kallehauge

Miss our latest panel discussion on what role open banking will play in developing the new payments frontier? No worries. You can catch it here!

"Should PIS [payment initiation services] catch up to card schemes? It seems like card schemes are catching up to PIS in terms of trust and security."

Our CEO and Founder, Rune Mai, shared some valuable insights regarding key end-user benefits to PIS when he joined the  PayTech Connect digital open banking panel discussion hosted by FinTech Connect last month.

The panel participants, who represented financial institutions from both Europe and North America, provided their own unique views on how the powerful effects of open banking and PSD2 are rapidly changing the payments landscape like never before.

The panel participants were:
Zemfira Khisaeva from Scotiabank
Sam Everington from Starling Bank
Sarah Häger from Nordea
Caroline Ambrose from Barclays
Rune Mai from Nordic API Gateway

Thanks to the arrival of PSD2, we're finally starting to see a more level playing field for payment providers, as well as an increase in convenient, user-driven services.  At Nordic API Gateway, we’re already enabling future payment solutions by making it possible to pay from anywhere to anywhere entirely within an app or website. Our mission is to help create a level playing field for all by removing friction and increasing payment opportunities for millions of businesses and consumers in the PSD2 era.

Watch the entire panel discussion in the video below to find out how:

• Contactless payments are being utilised now to an extent that we haven’t imagined before
• Payment initiation simplifies a lot of backend processes for businesses moving forward
• Strong customer authentication (SCA) should never get in the way of the user
• The current shift is a shift toward simpler, more secure payments
• Nordic API Gateway is already building solutions for bulk paying invoices within the Nordic corporate space.

And much more...