Open Banking PTBR

Luxhub Case de sucesso

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Copyright © Axway 2018. All Rights Reserved. axway_SS_luxhub_en_090718 Axway AMPLIFY for Open Banking LEARN MORE axway.com/solutions/financial-services axway.com Creating higher-order ecosystems Business researcher and analyst Simon Wardley describes this sort of industry sector commodification as a "climactic pattern" that leads to the creation of "higher-order systems." He gives the analogy of electricity. There may be multiple forms of electricity generation (coal, wind, solar), but they are all fed into a single connector, the electrical power outlet in the home. Because of this standardization, new products like televisions became possible. But it doesn't stop there. Televisions make it possible to have whole broadcasting channels (and now online streaming services) that create programs for television viewing. There are also satellite services, VPNs, out of home displays — a myriad of new industry sub- sectors were generated now that each business does not have to create their own electrical outlet (or to even create a basic TV set for that matter). By creating PSD2 open banking API standards, a higher-order system is enabled that will see payments catalyze a whole new ecosystem. And beyond that there will be new features and services built. Our imaginations, and the thinking within banks, is still very limited in terms of what this new higher-order system will look like. When televisions were first released, no one thought a subsector of mobile satellite repair businesses would be a future ecosystem player, or that there would be a whole creative industry emerge that specializes just in television commercial jingles and voice-overs. In open banking, at least in Europe, we now have the electrical outlet: the PSD2 APIs. If we stick to this analogy, two things can happen. Banks can focus on building televisions. Or banks can become like the channels that have a diverse collection of programs that can be streamed onto a common television. If each bank builds their own televisions, that is still a limited play. They might differentiate on sound or visual display quality, or on size, but by and large TVs are mostly commoditized now as well. Where the true competition lies is in the programming (and related ecosystem) that is streamed onto the television. LUXHUB, the new Luxembourg initiative, is focused on the second model.

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