S. Adeel Ali’s Post

#Blog | API integration is changing the fintech world, making financial services easier, faster, and more connected. It's like a bridge linking traditional banking with new, digital ways of handling money. This tech helps apps talk to banks quickly and safely, making things like checking balances or transferring money smoother. It's also great for keeping things secure and up-to-date with rules and regulations. With API, financial services are not just about numbers; they're about being user-friendly, speedy, and safe, making life easier for everyone involved. This is the future of finance – smarter, simpler, and more secure. Read our latest blog to learn how API integration is driving the future of Fintech. https://lnkd.in/grmW7DMf #fintech #api #apitesting #apiintegration #tesingxperts #testingservices

Open Banking is a misleading term. Because it makes you think that it’s a variation of banking, whereas in fact it goes far beyond. Let’s take a look. The name comes from the idea of opening up financial information, usually held by banks, to third parties (i.e. FinTechs) so that they can build #innovation on top of existing structures. Which is exactly the reason why OB is not confined to a few, big regulated financial institutions, but it tries to disperse the benefits that come via the access of data to the entire FS ecosystem. The OB value proposition consists of 4 main elements: —    open APIs acting as the connecting rails —     #data as the overarching element —    an open, cloud-based landscape consisting of closely intertwined services running across marketplaces, platforms and ecosystems —    a shift from vertical silos and legacy infrastructure to an open set-up   Here is why OB is such a big game changer: 1. OB converts web APIs - the technology behind the fintech revolution – into open APIs, bringing about what we call APIsed #finance: building value directly from sharing, providing and leveraging access to data.   2. OB has become the main enabler of the two (most) dominant business models of our time a) Platform economics b) Embedded finance 3. OB is broadening the opportunity scope of the entire FS ecosystem by a) delivering better services b) finding novel growth sources c) improving the appeal of existing FS 4. OB fundamentally changes not only the structure of the FS value chain, but also its breadth and reach by a) involving a plethora of new actors (i.e. governments, regulators, API standardization bodies, industry associations) b) forcing old ones (i.e. banks) to radically reposition themselves 5. Via OB we are witnessing for the first time in a long time the build-up of a new infrastructure layer that is quickly becoming the foundation of the digital #economy These are my picks for the most important trends shaping OB going forward: —  In its initial conception most of the OB models globally have focused on use cases that evolve around the account: aggregation & visualization, verification, access to balances or payment initiation.  The next phase of the journey – known under the term open finance – is driving contextual, predictive, and hyper-personalized experiences across the board (i.e. savings, lending, investments, insurance) —  Look at both Europe and the US and data is in the driving seat. Mainly in 2 ways: 1) customers are being given control of their financial data 2) data monetization models take center stage —  The matching of OB with instant payment rails will become a killer combination —  The synergies between AI and OB will increase exponentially: AI-driven insights on top of OB data access, mass personalization, etc —  OB use cases for non-traditional players (i.e. telcos, insurers, retailers) will proliferate Opinions: my own, Graphic sources: WhiteSight, AFS, Brankas, Spire    

Open Banking is a misleading term. Because it makes you think that it’s a variation of banking, whereas in fact it goes far beyond. Let’s take a look. The name comes from the idea of opening up financial information, usually held by banks, to third parties (i.e. FinTechs) so that they can build #innovation on top of existing structures. Which is exactly the reason why OB is not confined to a few, big regulated financial institutions, but it tries to disperse the benefits that come via the access of data to the entire FS ecosystem. The OB value proposition consists of 4 main elements: —    open APIs acting as the connecting rails —     #data as the overarching element —    an open, cloud-based landscape consisting of closely intertwined services running across marketplaces, platforms and ecosystems —    a shift from vertical silos and legacy infrastructure to an open set-up   Here is why OB is such a big game changer: 1. OB converts web APIs - the technology behind the fintech revolution – into open APIs, bringing about what we call APIsed #finance: building value directly from sharing, providing and leveraging access to data.   2. OB has become the main enabler of the two (most) dominant business models of our time a) Platform economics b) Embedded finance 3. OB is broadening the opportunity scope of the entire FS ecosystem by a) delivering better services b) finding novel growth sources c) improving the appeal of existing FS 4. OB fundamentally changes not only the structure of the FS value chain, but also its breadth and reach by a) involving a plethora of new actors (i.e. governments, regulators, API standardization bodies, industry associations) b) forcing old ones (i.e. banks) to radically reposition themselves 5. Via OB we are witnessing for the first time in a long time the build-up of a new infrastructure layer that is quickly becoming the foundation of the digital #economy These are my picks for the most important trends shaping OB going forward: —  In its initial conception most of the OB models globally have focused on use cases that evolve around the account: aggregation & visualization, verification, access to balances or payment initiation.  The next phase of the journey – known under the term open finance – is driving contextual, predictive, and hyper-personalized experiences across the board (i.e. savings, lending, investments, insurance) —  Look at both Europe and the US and data is in the driving seat. Mainly in 2 ways: 1) customers are being given control of their financial data 2) data monetization models take center stage —  The matching of OB with instant payment rails will become a killer combination —  The synergies between AI and OB will increase exponentially: AI-driven insights on top of OB data access, mass personalization, etc —  OB use cases for non-traditional players (i.e. telcos, insurers, retailers) will proliferate Opinions: my own, Graphic sources: WhiteSight, AFS, Brankas, Spire    

Open Banking is a misleading term. Because it makes you think that it’s a variation of banking, whereas in fact it goes far beyond. Let’s take a look. The name comes from the idea of opening up financial information, usually held by banks, to third parties (i.e. FinTechs) so that they can build #innovation on top of existing structures. Which is exactly the reason why OB is not confined to a few, big regulated financial institutions, but it tries to disperse the benefits that come via the access of data to the entire FS ecosystem. The OB value proposition consists of 4 main elements: —    open APIs acting as the connecting rails —     #data as the overarching element —    an open, cloud-based landscape consisting of closely intertwined services running across marketplaces, platforms and ecosystems —    a shift from vertical silos and legacy infrastructure to an open set-up   Here is why OB is such a big game changer: 1. OB converts web APIs - the technology behind the fintech revolution – into open APIs, bringing about what we call APIsed #finance: building value directly from sharing, providing and leveraging access to data.   2. OB has become the main enabler of the two (most) dominant business models of our time a) Platform economics b) Embedded finance 3. OB is broadening the opportunity scope of the entire FS ecosystem by a) delivering better services b) finding novel growth sources c) improving the appeal of existing FS 4. OB fundamentally changes not only the structure of the FS value chain, but also its breadth and reach by a) involving a plethora of new actors (i.e. governments, regulators, API standardization bodies, industry associations) b) forcing old ones (i.e. banks) to radically reposition themselves 5. Via OB we are witnessing for the first time in a long time the build-up of a new infrastructure layer that is quickly becoming the foundation of the digital #economy These are my picks for the most important trends shaping OB going forward: —  In its initial conception most of the OB models globally have focused on use cases that evolve around the account: aggregation & visualization, verification, access to balances or payment initiation.  The next phase of the journey – known under the term open finance – is driving contextual, predictive, and hyper-personalized experiences across the board (i.e. savings, lending, investments, insurance) —  Look at both Europe and the US and data is in the driving seat. Mainly in 2 ways: 1) customers are being given control of their financial data 2) data monetization models take center stage —  The matching of OB with instant payment rails will become a killer combination —  The synergies between AI and OB will increase exponentially: AI-driven insights on top of OB data access, mass personalization, etc —  OB use cases for non-traditional players (i.e. telcos, insurers, retailers) will proliferate Opinions: my own, Graphic sources: WhiteSight, AFS, Brankas, Spire    

Open Banking is a misleading term. Because it makes you think that it’s a variation of banking, whereas in fact it goes far beyond. Let’s take a look. The name comes from the idea of opening up financial information, usually held by banks, to third parties (i.e. FinTechs) so that they can build #innovation on top of existing structures. Which is exactly the reason why OB is not confined to a few, big regulated financial institutions, but it tries to disperse the benefits that come via the access of data to the entire FS ecosystem. The OB value proposition consists of 4 main elements: —    open APIs acting as the connecting rails —     #data as the overarching element —    an open, cloud-based landscape consisting of closely intertwined services running across marketplaces, platforms and ecosystems —    a shift from vertical silos and legacy infrastructure to an open set-up   Here is why OB is such a big game changer: 1. OB converts web APIs - the technology behind the fintech revolution – into open APIs, bringing about what we call APIsed #finance: building value directly from sharing, providing and leveraging access to data.   2. OB has become the main enabler of the two (most) dominant business models of our time a) Platform economics b) Embedded finance 3. OB is broadening the opportunity scope of the entire FS ecosystem by a) delivering better services b) finding novel growth sources c) improving the appeal of existing FS 4. OB fundamentally changes not only the structure of the FS value chain, but also its breadth and reach by a) involving a plethora of new actors (i.e. governments, regulators, API standardization bodies, industry associations) b) forcing old ones (i.e. banks) to radically reposition themselves 5. Via OB we are witnessing for the first time in a long time the build-up of a new infrastructure layer that is quickly becoming the foundation of the digital #economy These are my picks for the most important trends shaping OB going forward: —  In its initial conception most of the OB models globally have focused on use cases that evolve around the account: aggregation & visualization, verification, access to balances or payment initiation.  The next phase of the journey – known under the term open finance – is driving contextual, predictive, and hyper-personalized experiences across the board (i.e. savings, lending, investments, insurance) —  Look at both Europe and the US and data is in the driving seat. Mainly in 2 ways: 1) customers are being given control of their financial data 2) data monetization models take center stage —  The matching of OB with instant payment rails will become a killer combination —  The synergies between AI and OB will increase exponentially: AI-driven insights on top of OB data access, mass personalization, etc —  OB use cases for non-traditional players (i.e. telcos, insurers, retailers) will proliferate Opinions: my own, Graphic sources: WhiteSight, AFS, Brankas, Spire