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Driving revenue opportunities through Open Banking

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Token CEO Todd Clyde's Open Banking Expo (London and Europe 2019) talk on how open banking can be used to power the next generation of financial services.

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Driving revenue opportunities through Open Banking

  1. 1. The smart move in open banking™ Driving revenue opportunities through Open Banking Todd Clyde, CEO
  2. 2. The smart move in open banking™The smart move in open banking™ Agenda 1. About Token 2. Current state of readiness 3. Live use cases 4. Improvements required for mass adoption 5. Revenue generating propositions
  3. 3. The smart move in open banking™ The smart move in open banking
  4. 4. The smart move in open banking™ A marketplace is a two sided problem Demand Supply Third Parties Banks
  5. 5. The smart move in open banking™ And Requires a 2 Sided Solution APIsAccess to Banks
  6. 6. The smart move in open banking™The smart move in open banking™ To power the next generation of financial applications… ... by putting a bank in every app The smart move in open banking™
  7. 7. The smart move in open banking™ Current State of Readiness - UK ● 13 January 2018 deadline ● 46 Banks Live ● 165 TPPs Registered ● 140M Transactions per month ● 99.9% are data transactions 13 Jan 2018
  8. 8. The smart move in open banking™ API calls achieve 140M per month in the UK 2018 | 2019
  9. 9. The smart move in open banking™ 14 March 2019 ● Secure APIs ● Sandbox environment ● Documentation & support Current state of readiness - EU 14 September 2019 ● Operational APIs ● Production environment ● Compliant with RTS and SCA ● eIDAS acceptance
  10. 10. The smart move in open banking™ 92% Research ● Published plans of APIs and sandbox ● Determination of standard ● Variations to the standard 92% 8% API & Sandbox Available Not available Pan European Accessibility as of 14 March 2019
  11. 11. The smart move in open banking™ Verified accessibility of sandbox by country 88% 12% Accessible Not Accessible 88% 9 of 9 100% 16 of 16 100% 6 of 6 100% 17 of 17 100% 15 of 15 100% 27 of 28 96% 15 of 16 94% 7 of 8 88% 6 of 7 86% 4 of 5 80% 7 of 9 78% 3 of 4 75% 12 of 16 75% 70% Benelux France Germany Ireland Italy UK Spain Estonia Austria Finland Sweden Denmark Poland CBI Globe
  12. 12. The smart move in open banking™ Verified operational sandbox by country 77% 23% Operational Not Operational 77% 27 of 28 96% 14 of 15 93% 8 of 9 89% 6 of 6 100% 4 of 5 80% 12 of 16 75% 12 of 16 75% 70% 6 of 9 67% 11 of 17 65% 5 of 8 63% 4 of 7 57% 2 of 4 50% Ireland UK Italy France Finland Germany Poland CBI Globe Sweden Benelux Estonia Austria Denmark
  13. 13. The smart move in open banking™ Verified status of production by country 50% 30% 15% Accessible APIs in production Operational APIs in production Banks compliant in production
  14. 14. The smart move in open banking™ Accessibility by API Standard NextGen PSD2 CBI - NG1.1 STET Bespoke UK OB SIBS Polish std Redsys 2,614 1,995 280 185 65 1,995 280 185 65 38 28 16 7 76% 11% 7% 2% 1% 1% 1% 0.2%
  15. 15. The smart move in open banking™ TPP Connection Process ● Signup up for developer account ● TPP application in Sandbox ● Supply of TPP Certificate ● TPP Access to and testing in Sandbox >> AIS, PIS, 4 types of payment, Support ● Migrate to production for testing ○ Supply product credentials ○ Configure application for production ○ Commence testing in production
  16. 16. The smart move in open banking™ Data Use Cases PFM / Multi-Banking Credit Assessment
  17. 17. The smart move in open banking™ Payment Use Cases Wallet Load First Payment $
  18. 18. The smart move in open banking™ Low-cost first rental payment Eliminate high processing fees Simplify onboarding journey and initiating first payment
  19. 19. The smart move in open banking™ Frictionless wallet load Improve onboarding journey Lower processing costs Drive instant settlement
  20. 20. The smart move in open banking™ Actionable PFM Application Combine banking, payment and receipt information across institutions Forecast future cash flow
  21. 21. The smart move in open banking™ Barriers to mass adoption of open banking Fragmentation of APIs Friction in user authentication (SCA) Restricted payment functionality TPP frustration
  22. 22. The smart move in open banking™ Problem: bespoke APIs
  23. 23. The smart move in open banking™ F1 - Resulting in fragmented ecosystem Killing the benefits
  24. 24. The smart move in open banking™ Solution: API aggregation One API Developer Platform Simplest Way to Access Banks
  25. 25. The smart move in open banking™ F2 - Friction in Authentication PSU ASPSP Solution: Federated Identity TPP IDENTITY
  26. 26. The smart move in open banking™ F3 - Restricted payment functionality Single immediate payments Single transaction consent User must be “present” PSU ASPSP TPP
  27. 27. The smart move in open banking™ Solution: Commercial APIs Compliance API-based Banking
  28. 28. The smart move in open banking™ What are Commercial (Premium) APIs PSU ASPSP TPP Commercial APIs Scope ● Product types ● Richer data / identity attributes ● Derived or aggregated data ● Enhanced payment functionality Supplied by ● Software companies ● Pay.UK ● Swift
  29. 29. The smart move in open banking™ Commercial APIs enable more than compliance APIs Request-to-Pay Third party initiated Programmable consent Frictionless authentication
  30. 30. The smart move in open banking™ Subscription payments & Card on file Variable recurring payment “Authorisation” on file Merchant Initiated
  31. 31. The smart move in open banking™ Biller direct payments Variable recurring payment “Authorisation” on file Biller Initiated
  32. 32. The smart move in open banking™ Installment payments Request to Pay capability Variable recurring payment “Authorisation” on file Biller Initiated BUY NOW PAY LATER
  33. 33. The smart move in open banking™ Autonomous sweeps Aggregate with data access Analyse for “rules-based” triggers Initiate automated sweep ● User not present ● Long-lived consent ● Programmable authorisation
  34. 34. The smart move in open banking™ POS payments Frictionless authentication Request to Pay Delegated authentication
  35. 35. The smart move in open banking™ The future is unlimited The Internet Internet banking Mobile banking Twitter 5 Years from now… ...Your bank will be in every app
  36. 36. The smart move in open banking™ The future is API-based banking services Relationship banking → ecosystem banking Meet consumers in their digital experiences Premium services, packages, capabilities
  37. 37. The smart move in open banking™ Thank you Todd Clyde, CEO Token.io LTD 15 Bishopsgate London, UK EC2N 3AR Todd.Clyde@token.io

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