Open Banking requires Digital Business Processes

Digitization does not stop at the financial services industry either. Customers today expect an end-to-end smooth and always available service that fits their digital lifestyle. With the entry into force of the revised European Payment Services Directive PSD2, the monopoly on account information will therefore fall and banks will have to make their interfaces accessible to third-party providers (TPPs). Among other things, this should enable payment transactions to be triggered directly in the future. However, since most financial institutions have different business units, each with its own systems, this is often not easy to implement and is associated with high technical requirements. Banks need a consistent strategy for their digital transformation - a Customer Identity and Access Management like cidaas, forms the basis.