Legislation changes would not suffice if they weren't accompanied by technological advances. Thankfully, the technology race started years ago and it's in a more than solid enough state for the legislation to accommodate.
The FinTech world is buzzing about PSD2. Should banks be worried?
European banks are finally realizing the magnitude of the revised Directive on Payment Services (PSD2), which will force them to provide account information to third parties via Application Programming Interfaces (APIs) that cut out transaction intermediaries.
PSD2 aims to:
At Strands we are always seeking easier and more powerful ways to fulfill banking needs, which is why we constantly keep an eye on emerging tech trends.
Last month, Strands engineers attended JBCNConf, the first big Java convention in Barcelona. The conference was a fantastic opportunity for us to exchange knowledge with our peers in other sectors and learn about the newest tools and techniques that enable us get the most out of Java for big data analytics and machine learning.
Many exciting workshops took place over the two days. Some of the more interesting topics covered were:
A few of our developers* were asking the same question lately and, bright inquiring minds that they are, began dreaming up all kinds of possibilites and ideas to mainstream virtual currencies like Bitcoin into retail banking and integrate it into personal finance manager tools like Strands PFM.
When I started working in FinTech, the first question I had was: "Do banks seriously give us all that data to analyze?" To be honest, I was mainly concerned about my own privacy instead of dreaming about the benefits I could get by giving some of my information to third parties.