experience for corporate travellers. It is still an emerging space, so there are few global, established players; but being able to offer a streamlined payment for travellers for items like hotels could be a very attractive service offer. At Amadeus, we integrate alternative methods of payment.”
CASHING OUT Open Banking is also part of a wider global movement. As well as a regulatory framework, it reflects the growing trend of countries moving towards a cashless society: in Sweden, banks no longer provide ATMs; Singapore’s Smart Nation initiative puts achieving a cashless economy as a key goal; Citi is getting rid of cash in its Australian bank branches. India is an interesting case in point. The government removed 500 and 1,000 rupee notes in 2016 (which made up 86 per cent of
In Europe, PSD2 has imposed strict
anti-fraud mechanisms. Nigel Edwards, senior vice-president and head of Europe, at operations management and analytics company EXL Service, says: “New fraud reporting standards may require payments providers to implement more customer verification measures – therefore strong compliance may result in the opportunity to create a more streamlined customer journey than competitors who don’t achieve good enough fraud protection.” Moreover, new entrants to the UK
market must also be regulated by the Financial Conduct Authority. Just as the UK adjusts to PSD2, Amadeus’s
Greaves believes there’s more to come. “Europe will soon begin working on PSD3 for the further opening up of banking,” he says. “The UK government is very forward- thinking and the payments industry has
“Open Banking provides a level of comfort… companies must ask: ‘How do I harness that?”
cash in circulation). While this was in part an attempt to fight corruption, the aim was to convert India into a cashless economy. To do this, it launched the ‘India Stack’ scheme to improve the country’s digital capabilities. According to
indiastack.org, the technology stack offers a similar set of APIs that allows governments, businesses, start- ups and developers to use a “unique digital infrastructure to solve India’s hard cash problems towards presence-less, paperless and cashless service delivery”. But Open Banking has raised questions
about security – with fears over new types of fraudulent apps that trick the user into granting permission for their bank accounts to be accessed. Some payment apps in India have been attacked by malware designed to steal users’ passwords.
been at the centre of that innovation. We’re talking about Open Banking now, but it’s been an area of intense innovation over the past five years. “What PSD2 does is regulate the activity
already happening… steer the framework to make it easier to develop these services. Open Banking provides a level of comfort. We have all this incredible innovation, so companies must now ask: ‘How do I harness that? Who do I partner with?’ They must think years ahead.” Open Banking is designed to empower the customer. TMCs will need to adopt a similarly open approach to payments to meet their clients’ expectations.
What is Open Banking?
OPEN BANKING LIMITED was created by the UK’s Competition and Markets Authority (CMA) in 2016 to draw up software standards and industry guidelines that drive competition and innovation in UK retail banking. Open Banking is an organisation governed by the CMA and funded by nine UK banks and building societies: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander.
openbanking.org.uk
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