Open Banking and the changing value propositions in Payment API’s
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| Format: | Thesis |
| Kulcsszavak: | bank informatikai rendszerei érték(ek) kifizetés(ek) pénzügyi információs rendszer tranzakciók |
| Online Access: | http://dolgozattar.uni-bge.hu/47314 |
| Abstract: | The emergence of open banking brought a new era in payment orchestration.While most of the focus around open banking is related to the retail bankingsector, the regulation and standardisation of open banking enabled newlyfounded FinTech companies to have access to big industrial payment data, allowingthem to develop better, faster and cheaper payment programs for their clients. Theseprograms are called payment platforms or payment APIs, and they areinterconnected with the business ERPs. The value propositions offered by these toolsare evaluated differently based on the complexity of the customer’s payment portfolio,the size of the business and the geological location of the entity using them.We are reviewing these changes in value propositions through the example of GeneralElectric, which company undergoes significant changes in 2023-24: they will splitinto three standalone companies. The payment leaders of these newly formulatingcompanies provide valuable input into defining a payment APIs core valuerequirement, which are the level of integration with ERPs, cost-out throughautomation, productivity, and payment accuracy. Unique requirements are definedon top of these core values, which can be fulfilled through a modular approach ofthe payment platforms as per our proposal, allowing service providers to betteradopt to their customer’s need, and obtaining an edge over the competition. |
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