Open Banking has emerged as a significant development in the financial services industry, facilitated by the use of Application Programming Interfaces (APIs) to enable third-party developers to create applications and services around financial institutions. This evolution has been primarily driven by regulatory initiatives such as the Payment Services Directive 2 (PSD2) in Europe, which mandates banks to open their payment services and customer data to third-party providers (TPPs) under secure and regulated conditions. This thesis seeks to present a comprehensive overview of the Open Banking landscape in Europe. The primary objectives of Open Banking include enhancing competition, fostering innovation, and improving the quality of financial services available to consumers. This study aims to identify and analyze the key trends followed by third-party providers utilizing Open Banking services across Europe. This involves gaining an understanding of how these entities leverage APIs to offer innovative financial products and services, therefore reshaping traditional banking models. This thesis examines the broader European context, by comparing seven European countries to see how their financial institutions and TPPs are adopting and implementing Open Banking initiatives. The research addresses pertinent questions such as the trends followed by third-party providers using Open Banking services in Europe, the level of development of Open Banking in Italy compared to other countries, the primary customers of TPPs utilizing Open Banking services, and the future prospects of these services. The thesis is structured into three main parts. The first part involves a comprehensive literature review to establish a foundational understanding of Open Banking, including an overview of various payment methods and the pivotal role of APIs. This section also explores the historical development of Open Banking, the regulatory framework established by PSD2, and the evolving dynamics of the financial services industry. The second part focuses on data collection and analysis, utilizing a combination of qualitative and quantitative methods to gather insights from various stakeholders within the Open Banking ecosystem. The third part synthesizes these findings, offering a detailed analysis of the current state and future prospects of Open Banking in Europe and Italy. The research highlights the critical role of PSD2 in promoting Open Banking by setting standards for secure and efficient data sharing between banks and TPPs. However, the implementation of PSD2 has not been without challenges. The thesis discusses the complexities involved in ensuring compliance with regulatory requirements while maintaining operational efficiency and the security of financial data. It also examines the potential socio-economic impacts of Open Banking, including its contribution to financial inclusion and economic growth by fostering innovation and competition within the financial sector. In conclusion, this thesis not only provides a detailed exploration of the Open Banking landscape in Europe and Italy but also offers strategic recommendations for various stakeholders, including financial institutions, legislators, and TPPs. These recommendations aim to enhance the implementation and adoption of Open Banking, ensuring that it delivers maximum benefits in terms of innovation, consumer protection, and market efficiency. Through this comprehensive analysis, the thesis contributes valuable insights into the transformative potential of Open Banking in the contemporary financial services industry.
L'Open Banking rappresenta uno sviluppo significativo nel settore dei servizi finanziari, facilitato dall'uso di Application Programming Interfaces (API) per consentire agli sviluppatori di terze parti di creare applicazioni e servizi aggiuntivi rispetto a quelli offerti dalle istituzioni finanziarie. Questa evoluzione è stata guidata principalmente da iniziative normative come la Payment Services Directive 2 (PSD2) in Europa, che impone alle banche di “aprire” i propri servizi di pagamento e i dati dei clienti a fornitori terzi (TPP) in condizioni di sicurezza e completamente regolamentati. Questa tesi si propone di presentare una panoramica completa del panorama dell'Open Banking in Europa. Gli obiettivi principali dell'Open Banking sono il rafforzamento della concorrenza, la promozione dell'innovazione e il miglioramento della qualità dei servizi finanziari disponibili per i consumatori. Questo studio mira a identificare e analizzare le tendenze principali seguite dai fornitori terzi che utilizzano i servizi di Open Banking in Europa. Si tratta di comprendere come queste entità sfruttino le API per offrire prodotti e servizi finanziari innovativi, rimodellando così i modelli bancari tradizionali. La tesi esamina il più ampio contesto europeo, confrontando sette paesi, analizzando le istituzioni finanziarie, i TPP e la capacità di addozione e implementazione di iniziative di Open Banking da parte del paese. La ricerca affronta questioni pertinenti come le tendenze seguite dai fornitori di terze parti che utilizzano i servizi di Open Banking in Europa, il livello di sviluppo dell'Open Banking in Italia rispetto ad altri Paesi, i clienti principali dei TPP che utilizzano i servizi di Open Banking e le prospettive future di questi servizi. La tesi è strutturata in tre parti principali. La prima parte comprende un'ampia rassegna della letteratura per stabilire una comprensione fondamentale dell'Open Banking, inclusa una panoramica dei vari metodi di pagamento e del ruolo centrale delle API. Questa sezione esplora anche lo sviluppo storico dell'Open Banking, il quadro normativo stabilito dalla PSD2 e le dinamiche in evoluzione del settore dei servizi finanziari. La seconda parte si concentra sulla raccolta e sull'analisi dei dati, utilizzando una combinazione di metodi qualitativi e quantitativi per raccogliere informazioni dai vari stakeholder dell'ecosistema dell'Open Banking. La terza parte sintetizza questi risultati, offrendo un'analisi dettagliata dello stato attuale e delle prospettive future dell'Open Banking in Europa e in Italia. La ricerca evidenzia il ruolo cruciale della PSD2 nel promuovere l'Open Banking, stabilendo uno standard per una condivisione sicura ed efficiente dei dati tra banche e TPP. Tuttavia, l'attuazione della PSD2 non è stata priva di sfide. Le complessità legate alla necessità di garantire la conformità ai requisiti normativi mantenendo l'efficienza operativa e la sicurezza dei dati finanziari vengono analizzate. Esamina inoltre i potenziali impatti socio-economici dell'Open Banking, compreso il suo contributo all'inclusione finanziaria e alla crescita economica attraverso la promozione dell'innovazione e della concorrenza nel settore finanziario. In conclusione, questa tesi non solo fornisce un'esplorazione dettagliata del panorama dell'Open Banking in Europa e in Italia, ma offre anche raccomandazioni strategiche per vari stakeholder, tra cui istituzioni finanziarie, legislatori e TPP. Queste raccomandazioni mirano a migliorare l'implementazione e l'adozione dell'Open Banking, assicurando che esso produca i massimi benefici in termini di innovazione, protezione dei consumatori ed efficienza del mercato. Attraverso questa analisi completa, la tesi contribuisce a fornire preziose indicazioni sul potenziale di trasformazione dell'Open Banking nell'industria dei servizi finanziari contemporanea.
Analysis of the Open API services in Europe
MOLARO, MICHAEL
2023/2024
Abstract
Open Banking has emerged as a significant development in the financial services industry, facilitated by the use of Application Programming Interfaces (APIs) to enable third-party developers to create applications and services around financial institutions. This evolution has been primarily driven by regulatory initiatives such as the Payment Services Directive 2 (PSD2) in Europe, which mandates banks to open their payment services and customer data to third-party providers (TPPs) under secure and regulated conditions. This thesis seeks to present a comprehensive overview of the Open Banking landscape in Europe. The primary objectives of Open Banking include enhancing competition, fostering innovation, and improving the quality of financial services available to consumers. This study aims to identify and analyze the key trends followed by third-party providers utilizing Open Banking services across Europe. This involves gaining an understanding of how these entities leverage APIs to offer innovative financial products and services, therefore reshaping traditional banking models. This thesis examines the broader European context, by comparing seven European countries to see how their financial institutions and TPPs are adopting and implementing Open Banking initiatives. The research addresses pertinent questions such as the trends followed by third-party providers using Open Banking services in Europe, the level of development of Open Banking in Italy compared to other countries, the primary customers of TPPs utilizing Open Banking services, and the future prospects of these services. The thesis is structured into three main parts. The first part involves a comprehensive literature review to establish a foundational understanding of Open Banking, including an overview of various payment methods and the pivotal role of APIs. This section also explores the historical development of Open Banking, the regulatory framework established by PSD2, and the evolving dynamics of the financial services industry. The second part focuses on data collection and analysis, utilizing a combination of qualitative and quantitative methods to gather insights from various stakeholders within the Open Banking ecosystem. The third part synthesizes these findings, offering a detailed analysis of the current state and future prospects of Open Banking in Europe and Italy. The research highlights the critical role of PSD2 in promoting Open Banking by setting standards for secure and efficient data sharing between banks and TPPs. However, the implementation of PSD2 has not been without challenges. The thesis discusses the complexities involved in ensuring compliance with regulatory requirements while maintaining operational efficiency and the security of financial data. It also examines the potential socio-economic impacts of Open Banking, including its contribution to financial inclusion and economic growth by fostering innovation and competition within the financial sector. In conclusion, this thesis not only provides a detailed exploration of the Open Banking landscape in Europe and Italy but also offers strategic recommendations for various stakeholders, including financial institutions, legislators, and TPPs. These recommendations aim to enhance the implementation and adoption of Open Banking, ensuring that it delivers maximum benefits in terms of innovation, consumer protection, and market efficiency. Through this comprehensive analysis, the thesis contributes valuable insights into the transformative potential of Open Banking in the contemporary financial services industry.| File | Dimensione | Formato | |
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2024_07_MOLARO_Thesis.pdf
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Descrizione: Thesis about open banking in Europe
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2024_07_Molaro_Executive_Summary.pdf
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Descrizione: Executive summary
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https://hdl.handle.net/10589/222900