Eurobits Blog

PSD2 is just the tip of the iceberg

03 abril, 2019

by Bimal Melwani 

In February this year we attended Finovate London to debut Eurobits 360º Platform with the help of our partner Experian. Our mission was simple: to cast our view beyond PSD2 and explore the potential of Aggregation Services in a world built on Open Data.

Back in 2008, we helped our long-standing client BBVA launch their pioneering multi-banking PFM, “Tu Cuentas.” Aggregation Services have come a long way since then. Access to Account (XS2A) is now a mainstream offering and millions of end users rely on Eurobits’ API to aggregate their financial positions every day.

But more than a decade later, our objective is still the same: to transform the way People and Businesses interact with Financial Services.

Over the last year, not a day passes that we do not discuss the PSD2 Directive, either with Clients, potential leads, leading consulting firms or even amongst ourselves while enjoying a cup of Spanish coffee.

PSD2 should be considered for what it is: the first step towards regulating how consumers interact with financial service companies that help them understand their finances and make smarter, data-driven decisions.

As any financial advisor will tell you, the balance and transactions of payment accounts are simply not enough data to help consumers make those decisions.

This is why we developed the 360º Platform. It allows end users to securely access and share all their financial and fiscal data in real time, all via one API. During our Finovate demo, we demonstrated how Credit Scorers can mitigate the risk of fraud by allowing loan applicants to access and share their tax returns, employment histories and full financial data, securely and in real time.

As our CEO, Arturo González, said last February, “We are going from open banking to open everything.”

Get ready, it’s happening.

Bimal Melwani
Head of International Sales

 

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