Fabrick Insights

content open banking

- Insight Update

The advantages of Fabrick Open Banking

Open Banking significa diverse cose per interpreti diversi. Tra i suoi protagonisti ci sono le FinTechs, ossia startup innovative focalizzate nel trasformare l’industria dei servizi finanziari, facendo leva il più possibile su tutte le nuove tecnologie disponibili.  Sono loro che, con le loro azioni e la loro crescente rilevanza sul mercato, hanno spinto il regolatore ad aggiornarsi costantemente e a far sì che oggi ci sia in vigore una nuova direttiva: la PSD2. 

Open Banking means several things to different interpreters. Among its protagonists are FinTechs, innovative startups focused on transforming the financial services industry, leveraging as much as possible on all the new technologies available.  They are the ones who, with their actions and their growing importance on the market, have pushed the regulator to constantly update itself and ensure that today there is a new directive in force: the PSD2. 

What is Fabrick’s offer and to whom it addresses

With this new reality, of market and “de iure”, Fabrick is an intermediary, technological although regulated, between FinTechs and the rest of the market of financial services providers (and regulated) that are placed at the two extremes of the current scenario. 

It is an intermediation that is not only technological but also strategic. In fact, Fabrick not only builds bridges via API (i.e. with simple direct calls to the servers to be able to find, manage, and provide information automatically) but also becomes a strategic catalyst, aimed at developing, capturing and maturing decisions even of very targeted business.

How did Fabrick manage to acquire this role? It has put in place a solid base on which to elaborate its actions and this base is its API platform that on the one hand is the transparent expression of Openness of the available solutions and on the other is also the concrete demonstration of having married an approach of openness, the approach that today, in a constantly changing market, is the winning one. APIs are in fact easy to integrate and modify, making them extremely versatile. 

Security at Scalability: the progressive approach wins

APIs are the technology needed to ensure that the two pillars on which innovation can take place are respected: safety and scalability. Security is obviously a must when it comes to sensitive information such as the financial and banking information of individuals. Scalability, however, is the raison d’être of innovation itself.

Innovating today means opening up to the mobile economy, to solutions via app, to interactions not necessarily and exclusively personal. And this is because maximizing the potential of digital becomes possible to manage thousands of customers with the same effort with which before they could barely manage dozens, and it is therefore possible to create new financial services, at lower costs and therefore aimed at wider markets.

The PSD2 is the pivot on which to realize the scalability of solutions in full security, providing a method and a standard of communication that manages to overcome highly risky solutions by developing a method of authentication and consent able to protect institutions and ensure data security to the end user.

How to simplify procedures 

To achieve this, Fabrick, thanks to its membership of a solid banking group with years of experience behind it, offers deep experience and demonstrates how to innovate, in addition to creating elegant interfaces and opening up new services, also means reviewing consolidated procedures but designed for a context that has changed profoundly today.

The role of Big Data in open banking

To successfully implement an innovative change, today the oil that powers the machines that help understand what to do is data. Fabrick, in his position as a platform, makes data, as an element of sharing, interaction and processing, the pivot on which to build new products, new models and new possibilities, which would otherwise remain hidden by the confusion of excess information.

Open Banking means several things to different interpreters. Among its protagonists are FinTechs, innovative startups focused on transforming the financial services industry, leveraging as much as possible on all the new technologies available.  They are the ones who, with their actions and their growing importance on the market, have pushed the regulator to constantly update itself and ensure that today there is a new directive in force: the PSD2. 

What is Fabrick’s offer and to whom it addresses

With this new reality, of market and “de iure”, Fabrick is an intermediary, technological although regulated, between FinTechs and the rest of the market of financial services providers (and regulated) that are placed at the two extremes of the current scenario. 

It is an intermediation that is not only technological but also strategic. In fact, Fabrick not only builds bridges via API (i.e. with simple direct calls to the servers to be able to find, manage, and provide information automatically) but also becomes a strategic catalyst, aimed at developing, capturing and maturing decisions even of very targeted business.

How did Fabrick manage to acquire this role? It has put in place a solid base on which to elaborate its actions and this base is its API platform that on the one hand is the transparent expression of Openness of the available solutions and on the other is also the concrete demonstration of having married an approach of openness, the approach that today, in a constantly changing market, is the winning one. APIs are in fact easy to integrate and modify, making them extremely versatile. 

Security at Scalability: the progressive approach wins

APIs are the technology needed to ensure that the two pillars on which innovation can take place are respected: safety and scalability. Security is obviously a must when it comes to sensitive information such as the financial and banking information of individuals. Scalability, however, is the raison d’être of innovation itself.

Innovating today means opening up to the mobile economy, to solutions via app, to interactions not necessarily and exclusively personal. And this is because maximizing the potential of digital becomes possible to manage thousands of customers with the same effort with which before they could barely manage dozens, and it is therefore possible to create new financial services, at lower costs and therefore aimed at wider markets.

The PSD2 is the pivot on which to realize the scalability of solutions in full security, providing a method and a standard of communication that manages to overcome highly risky solutions by developing a method of authentication and consent able to protect institutions and ensure data security to the end user.

How to simplify procedures 

To achieve this, Fabrick, thanks to its membership of a solid banking group with years of experience behind it, offers deep experience and demonstrates how to innovate, in addition to creating elegant interfaces and opening up new services, also means reviewing consolidated procedures but designed for a context that has changed profoundly today.

The role of Big Data in open banking

To successfully implement an innovative change, today the oil that powers the machines that help understand what to do is data. Fabrick, in his position as a platform, makes data, as an element of sharing, interaction and processing, the pivot on which to build new products, new models and new possibilities, which would otherwise remain hidden by the confusion of excess information.

Read related