Open Banking and Platforms
Edge-of-your-seat learning. Personalized and designed to keep you engaged.
Intended Learning Outcomes
A new global banking ecosystem is emerging – open banking. The path towards open banking varies across geographies, but the goals are shared. Open banking drives improved collaboration between financial services providers, greater innovation and better products and services for customers.
Open banking can take many forms (including directives such as PSD2 in Europe and Open Banking in the UK), it generally refers to the system under which banks open up their application programming interfaces (APIs) for third parties to develop new apps and services.
Driven by regulation, banks in Europe, the UK and Australia are testing and prototyping new use cases such as comparison services, credit scoring and KYC.
In markets where regulation does not explicitly require open banking, a growing number of incumbent Financial Institutions, challenger banks and FinTechs seek to capitalize on these developments to better meet customer expectations for simpler, more frictionless and valued added experiences.
In the coming years, a rapid uptake of open banking approaches is expected, with the global Open Banking market set to reach $43.15 billion by 2026.
Key Learning Outcomes:
Develop an understanding of Open Banking regulations - CMA Order, PSD2, GDPR and impact of these regulations on banks and Third Party Providers (TPPs)
Identify primary Open Banking use cases including account aggregation services, personal financial managers, SME financial management, Open Banking as a Service, consumer lending, automatic overdraft borrowing, identity verification, product comparison services, e-commerce payment services
Articulate the roles of key types of Third Party Providers (TPPs): Account Information Service Providers (AISPs), Payment Initiation Service Providers (PISPs), Card Based Payment Instrument Issuers (CBPIIs) and Account Servicing Payment Service Providers (ASPSPs)
Understand the design of an Application Programming Interface (API) and the tools to implement the Open Banking solution
Put learnings into practice by developing an API Strategy using the Open Banking canvas
Who should attend the program?
Participants from the following organizations will benefit from attending the Open Banking program
1. Financial Institutions (including incumbent banks, challenger banks and FinTechs) looking to harness the opportunities of Open Banking
2. Central Bank and government entities interested in studying the global best practices to apply learnings in the local context to drive growth of Open Banking for the benefit of the customers, financial services ecosystem and wider economy
3. Technology vendors that require an updated view of the trends and needs of their clients in the financial services industry
The program will also help entrepreneurs in defining and scaling their Open Banking solutions, and students or recent graduates preparing themselves for careers in the financial services industries
Module 1: Origins of Open Banking
An overview of Open Banking
The history behind Open Banking – global perspective
– The Open Banking Implementation Entity (OBIE) and CMA Order in the UK
– The Second Payment Services Directive (PSD2) in the European Union, core principles of the PSD2 RTS –Strong Customer Authentications (SCA), Secured Communication, Risk Management, and Transaction Risk Analysis (TRA)
– General Data Protection Regulation (GDPR) and Open Banking
Impact of regulations on banks and Third Party Providers (TPPs)
Module 2: Growth of Open Banking
Open Banking use cases: account aggregation services, personal financial managers, SME financial management, Open Banking as a Service, consumer lending, automatic overdraft borrowing, identity verification, product comparison services, e-commerce payment services
Key principles underpinning consumer security and trust
Module 3: How Open Banking works
– Key types of Third Party Providers (TPPs): Account Information Service Providers (AISPs), Payment Initiation Service Providers (PISPs), Card Based Payment Instrument Issuers (CBPIIs)
– Account Servicing Payment Service Providers (ASPSPs)
Module 5: Open Banking Strategy
Open Banking Strategy Canvas: key components of a successful API Strategy for Open Banking
Module 6: Future of Open Banking
Expanding Open Banking into Open Finance
The potential for Open Banking standards and infrastructure to support other sectors of the economy
The potential for Open Banking to support a digital ID service economy
The course relies primarily on practical experiences and a variety of other pedagogies which may or may not include videos, simulations, exercises, and breakout session to reinforce the key learnings.
Training Timings: 9:00 AM – 1:30 PM
Breaks: Two breaks in between for around 15min
Assessment & Evaluation:
At the end of the class an automatic Teacher assessment and course feedback will be shared with learners.
Participants who successfully complete the program will be awarded with a ‘Certificate of Completion’ from Finteachable.com.
Denial of Certificate Policy: Being late more than 15min in a 1 day program. Absent for more than 1 session in a 2/3 days program.