Nuevas oportunidades en la encrucijada de las API financieras y los nuevos estándares globales

Financial APIs , or the use of application programming interfaces to facilitate financial transactions, have become a key driver of innovation in the sector . 

APIs enable seamless integration between different financial systems, allowing businesses to create new products and services that were previously impossible. For example, APIs can be used to enable real-time payments, provide instant credit decisions, and facilitate digital identity verification.

At the same time, new global regulations have been introduced to improve the security and transparency of financial transactions. One of these regulations is the Payment Services Directive 2 (PSD2), which requires banks to open their APIs to third-party providers. This has created opportunities for new players to enter the market and offer innovative solutions to consumers.

Overall, the intersection of financial APIs and new global standards has created fertile ground for innovation in the financial sector. As businesses and individuals continue to adopt these new technologies, we can expect to see even more exciting developments in the years to come.

Exploring new business opportunities thanks to global financial interconnection standards such as ISO20022 and Open Banking

These include cases such as cross-border payments, new fraud management options and AI-powered services, as well as considerations for BFSI companies in adopting these technologies.

Global financial interconnection standards such as ISO 20022 and Open Banking are opening up new business opportunities for BFSI companies. Cross-border payments, new fraud management options and AI-powered services are just a few examples of what is now possible.

One of the main advantages of these standards is the ability to facilitate cross-border payments. With ISO 20022 , for example, businesses can send and receive payments in a standardized format that is recognized worldwide. This reduces the need for costly conversions and simplifies the process of sending and receiving cross-border payments.

Another advantage is the ability to leverage new fraud management options. With Open Banking, businesses can access a wealth of data provided by third-party vendors. This has the potential to improve fraud detection and prevention by allowing businesses to analyse data in real time and identify patterns that may indicate fraudulent activity.

AI-based services are also becoming increasingly popular in the BFSI sector. With the help of these technologies, companies can automate many of their processes and offer more personalized services to their customers . This can increase efficiency, reduce costs, and improve customer satisfaction.

However, there are also considerations that BFSI companies need to take into account when adopting these technologies . For example, they need to ensure that they have the infrastructure in place to support these standards, including robust security measures to protect against cyber threats. They also need to ensure that they have the right talent to manage these technologies and extract maximum value from them.

In conclusion, the adoption of global financial interconnection standards such as ISO 20022 and Open Banking is creating new business opportunities for BFSI companies. By leveraging these technologies, companies can improve their cross-border payments, fraud management and customer service capabilities. However, careful planning and execution are required to ensure that these technologies are successfully and securely implemented.