Companies in some highly regulated industries often view digital transformation and digital restructuring as being constrained by laws and regulations that don’t evolve fast enough to allow digital transformation to happen. But there’s another side to the regulatory coin: sometimes regulatory changes enable and drive disruption and business transformation. That’s about to happen in a few months with APIs and financial institutions.
A payment service directive will go active in the UK in January 2018. The directive will force all banks to expose their core systems to APIs for three functions:
- Accessing customer account details
- Accessing a customer’s payment history
- Allowing payments to a consumer