The latest edition of the d' sector watch highlights some concrete principles of Open Banking.

The publication by the EPC of the SEPA Request To Pay Rule Book (SRTP), which enters into force on 15 June 2021, opens the door to the consolidation of pay now and pay later services around PISPs.

Open Banking Implementation Entity (OBIE) is publishing a call for comments on a new API to provide two services: recurring payments of variable amounts (VRP - Variable Reccuring Payment) and the automated transfer of funds between accounts held by the same person in different institutions (Sweeping). The business model is based on free access to the sweeping service (which is based on a "basic" level of VRP) and paid access for the other VRP services.

Algoan explains in its white paper to what extent credit risk scoring based on the operating history of a payment account obtained via Open Banking allows a better understanding of a customer's "financial agility", i.e. its ability to cope with a financial contingency, and therefore allows better anticipation of exposure to the risk of default.

In a white paper, Signicat highlights the challenges of "fluid" onboarding and the interest, via Open Banking, of relying on external data / suppliers to facilitate onboarding. Signicat explains that unlike generations that "put up with" complex onboarding because they have been used to paper/manual processes, generation Z does not hesitate to interrupt any onboarding process that is deemed tedious. Knowing that the onboarding process of a traditional bank (which involves manual checks) is four times more expensive than that of an online bank which is almost fully automated, Signicat considers that this should encourage traditional banks to improve their onboarding processes towards more "online".

The ANSSI publishes a call for comments on the requirements framework applicable to remote identity verification providers (PVID). This standard, which is due to come into force in March 2021, is essential for the existence of outsourced identity verification services and thus allow the implementation of fully dematerialised financial services enrolment processes in compliance with the Anti-Money Laundering Directive.

For more information and the complete watch: contacteznous@oaklen.eu