Fixing the marriage that never was. The fact that Open Banking is incompatible with EMV has suddenly become a hot topic for the organizations standardizing the APIs. Imagine EMV-powered SEPA instant payments. There are currently two fundamentally different proposals on the table and a third one is reportedly on its way. What is somewhat puzzling (and disturbing), is that the banks, who are supposed to implement, maintain and pay for the solutions are virtually absent from these discussions. IMO, mobile payment services like "Swish", should also be able to eventually build on the Open Banking platform, even if they do not comply with PSD2 regulations. Banks would surely be happy retiring a bunch of systems that do pretty much the same thing!
Dear Anders Rundgren, that's interesting. Can you please elaborate on current proposals you are mentioning? Maybe also proved a link? Kindest regards, Willy
Entrepreneur & Business Consultant | Alternative Payments & Distribution Channels in Fin Services & Lottery Business
5yEMV was/is one of many desperate efforts by the 4-corner model establishment to extend the life of the gravy train they are riding on. The 4-corner model (and all its re-inventions including EMV) are fundamentally incompatible with a direct, push payment model that disintermediates the unnecessary elements of the payment value chain. Marrying EMV with Open Banking is for people with the level of cognitive dissonance only few can muster.