PSD2 and OPEN BANKING in the New Financial Ecosystem

Open banking – a vital trigger for transformation in the banking industry, boosted by PSD2. Users – the centre of the new financial ecosystem
GDS Modellica provides tailor-made solutions to optimise and automate credit risk management strategies and ensure a solid return on investment
Open banking has become a driving force in the transformation of the banking industry. In Europe, this has been further boosted by the Payment Services Directive (PSD2), which was created with the aim of improving security, transparency, competition and innovation in digital payments between customers, banking organisations and online merchants. It allows consumers to share their financial data securely with banks and third parties, making it easier to transfer funds. Similarly, it also makes it possible to compare and purchase new products or services and manage their accounts without the involvement of their bank.
As a result, the global financial sector is facing a paradigm shift. It finds itself part of a new ecosystem which revolves around the user, who, furthermore, has complete control over their data. Customer data no longer belongs to banking organisations but to the customer, meaning that banks now have to provide access to their systems to third parties. And those third parties may well come from outside the financial sector but always with the customer’s consent. This sharing of information in financial services is achieved using technologies like open application programming interfaces (APIs), which connect two programs so they can exchange messages or data. These open and standardised exchanges are controlled and monitored by the different parties (users and providers) and will drive improved consumer options so that they can get the greatest benefit from financial products.
The benefits of open banking are substantial: Greater security and transparency, through increased control and monitoring of payments.Identity verification and notifications. Fraud detection. The possibility of access to segmented shopping patterns. Ultimately, all of these mean greater security, a better customer experience, new sources of revenue and a service model which is adapted to the true needs of customers.
GDS Modellica provides services to optimise and automate credit risk management strategies. They know the importance of improving risk management practices to ensure a solid return on investment. Through the use of new technology and analysis techniques, financial organisations can become much more efficient, with faster processes and access to data so that they can immediately detect fraud, capital risk and the customer’s ability to pay. GDS Modellica offers the following open banking solutions: Automated decision-making, Market monitoring and decision-making strategies, Integration and scalability within existing infrastructure, Speed, Precision, Consistency as volumes grow, as well as support for regulatory compliance and consistent decisions across multiple business units.
GDS Modellica is able to provide a complete and customised solution to improve existing applications, as managing director, Antonio García Ruoco, explains: “At GDS Modellica, we offer an improved experience for clients through our careful attention to their needs coupled with our broad customer experience as industry leaders. Our tools can be personalised to offer complete solutions and completely optimise their current applications with the necessary components”.
Thanks to their solid experience and international presence, GDS Modellica has been able to develop new techniques with an analytical approach to help avoid risks and make better decisions. The company also has the advantage of being able to customise customer data effectively, learn the reasons why a customer opts for one service over another and identify new opportunities to generate revenue.
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