A conference captioned «Open Banking: API Management and Ecosystems» was held in Moscow on July22. It was organized by the «Banking Review» magazine, and the keynote topic of the event was the Open Banking concept. It is no secret to industry experts that in the near future the concept may achieve a new stage in its development and gain even more popularity. Colvir was represented by Andrey Tezikov, one of its managers.
The subject was indeed quite topical and very relevant, as proactive Open API development is gaining more momentum in the banking industry in Russia, as well as worldwide. Thus, according to TAdviser research think tank, 75% of the largest banks in this country have either already commenced, or are planning to commence using open interfaces.
It should also be noted that vendors, system integrators, and even more so specialized Open API platforms are at the forefront of those using their best efforts to get the most out of the spread of Open Banking. This is the world trend: in January 2020 VISA spent $5.3 billion to buy fintech startup Plaid specializing in integrated Open API approach solutions.
The following key issues were discussed in the course of the conference:
- Whether the industry needs Open API standardization and regulation
- European and word experience in open interface development
- Hands-on experience in interaction between banks and partner services
- Promising cases in the use of OpenAPI
The even brought together a vast number of bank top managers and experts responsible for digital transformation, as well as representatives from regulators, fintech companies and payment systems, as well as system integrators and vendors of API solutions linked to Open Banking technologies.
«I would like to thank the «Banking Review» magazine for the excellent event organization. They have succeeded in securing top speakers and discuss a subject that is really of great importance and topicality. OpenAPI interfaces are actually an area that has great potential. It was interesting to check the market, have a joint discussion of the potential development, and draw certain conclusions that would impact our work on our own projects»,— says Andrey Tezikov, a Colvir manager.
The event was held in a hybrid online/offline format: two thirds of the audience and a number of speakers participated remotely. However, this did not make any impact on either the overall positive participant mindset, or richness of the itinerary. We would also like to note gradual coming out of the specialized event sector for the lockdown lull, and we do hope that things will be back to normal in the near future.