Readiness of Legacy Systems for Open Banking in Asia Pacific: A research brief from Kapronasia in collaboration with EPAM

Open Banking arose out of a sweeping piece of European Union (EU) legislation known as the second Payment Services Directive, or PSD2, in 2016. It is the use of application programming interfaces (APIs) to streamline the sharing of customer bank data with third parties.

Open Banking is the first step towards an Open Data society, ‘a data-driven world that will connect all ecosystems from finance to tech, allowing consumers to fully own their data streams and derive benefit from them.’ A steppingstone on that journey is Open Finance, the extension of Open Banking that allows the exchange of a much broader range of consumer financial data, creating a more holistic and accurate assessment of an individual’s digital financial footprint.

This research brief was written on the basis of the Readiness of Legacy Systems for Open Banking in Asia Pacific panel from Kapronasia in collaboration with EPAM. A recording of the panel can also be accessed here.