background
At present, open banking is still a concept that needs to be popularized, but the banking industry in the future must be dominated by open banking.
what is open banking
- In the past, banks had to use dedicated lines, which required high technical costs and a low degree of reuse. Now, microservices are used to directly build services on the cloud. With a standardized technical foundation, staff can be reduced and efficiency can be increased.
- Generally speaking, this society will be more open, even in the previously closed banking industry. It
may be a bit abstract to say so. In the following, I will give a specific example of Standard Chartered Bank’s open banking. If you are interested, you can read it at the end in advance. Down.
Technology Enablers for Open Banking
- AWS, Alibaba Cloud
- Customers of banks begin to cloudify, informatize, and demand for interconnection has greatly increased
- The emergence of excellent open source, such as tomcat kafka, reduces the cost of establishing a technical system, not to mention that Internet companies have already explored the way
Technology Core
- Specifications Technical specifications swagger, account opening, transaction, supervision, etc. are all standardized
- Lightweight authorization system (the development of cryptography used to be a dedicated line, which was costly)
- Unified user interface experience checklist
- Operation guidance satisfies the supervision on the one hand, and makes the operation more efficient on the other hand
The goal of building
- Comply with existing western open banking standards (China still lags behind in standards)
- Achieve high availability requirements of 99.5%
- Rapid development and launch, (learning the rapid iteration of the Internet)
- Unify customer experience (you don’t need to be told to find department A, department B, department C), unify online banking, mobile banking and other channels. The
current development bank construction in Europe has achieved standards first and a high position. China’s open bank construction, although it started It is a little later, but it can give full play to the advantages of latecomers. Here, the author clarifies that China's open banking construction must be carried out by regulators标准先行
China's Open Banking Construction
China Open Banking White Paper 2021
The earliest was bank-enterprise interconnection (but that was still the era of dedicated lines and custom APIs. It can only be said that there was an open demand in business, but the technology was still outdated). Bank-enterprise direct connection
is the predecessor of open banking. The construction is gradually perfected as a historical background.
The second is Open API. Thanks to the standardization of the interface, the cost of open banking under the "Open API" model (especially the cost of connecting with enterprises and scenarios) will be significantly lower than the direct connection between banks and enterprises.
Not only cost savings, the market will see数据价值 规模价值
From the perspective of banks, leading banks capitalize data, and finally export technical capabilities and data insights to ecological partners and small and medium-sized banks.
From the perspective of large enterprises, there are so many standardized APIs that can be used, which can combine innovation and automate many functions (smart contracts)
- Starting with Bitcoin and the Internet
Closed features? Difficulties in user access and queuing, while Bitcoin has almost no restrictions, showing the possibility of a financial service
英国的标准先行: In 2015, the United Kingdom issued a standard that led to the emergence of a new international financial payment platform. International multi-currency mobile platform: exchange + payment ( Paypal/Wise/Revolut).md
standard innovation
and monitoring flexibility
have created the financial innovation in Britain today
The Open Banking Standard. Enabling customers and SMEs to share their current account information securely with third party providers, promoting innovation and inclusion in a new financial ecosystem .This Standard has activated a fintech renaissance in the UK, and inspired similar iniatives all over the world.
Example of card swiping: In the past, there was one card swiping machine for each bank, but now as long as you meet the standards of UnionPay, merchants only use one card swiping machine Technical
basis: cloud, cryptography, message middleware technology
Standard Chartered Open Bank Construction System Example
Components
User Cases
