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Open banking in Europe: The effect of the Revised Payment Services Directive on Solarisbank and Insha

Author

Listed:
  • Nanaeva, Zhamal

    (PhD candidate, Hamad Bin Khalifa University, Qatar)

  • Aysan, Ahmet Faruk

    (Professor and Coordinator of the Islamic Finance and Economy Programme, Hamad Bin Khalifa University, Qatar)

  • Shirazi, Nasim Shah

    (Professor, Hamad Bin Khalifa University, Qatar)

Abstract

The concept of open banking is gaining global recognition for helping to integrate innovative financial service providers into a sustainable financial ecosystem. This paper discusses open banking, including its core building blocks, prospects and challenges. Given the European Union’s pioneering role in adopting open banking regulations, the paper also reviews the revised Payment Services Directive (PSD2) and its role in advancing fast payment systems in Europe. The paper goes on to consider the practical implications of the PSD2 in Germany through case studies of the banking-asa-service platform, Solarisbank, and the Islamic digital bank, Insha. Finally, the paper sheds light on the benefits of open banking for ecosystem stakeholders, including fast payment system providers, and how they can benefit from the introduction of open banking regulations.

Suggested Citation

  • Nanaeva, Zhamal & Aysan, Ahmet Faruk & Shirazi, Nasim Shah, 2021. "Open banking in Europe: The effect of the Revised Payment Services Directive on Solarisbank and Insha," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(4), pages 432-444, December.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:4:p:432-444
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    Cited by:

    1. Aysan, Ahmet Faruk & Babacan, Mehmet & Gür, Nurullah & Süleyman, Selim, 2023. "Firm Size and Financing Behavior during the COVID-19 Pandemic: Evidence from SMEs in Istanbul," MPRA Paper 116300, University Library of Munich, Germany, revised 2023.

    More about this item

    Keywords

    open banking; PSD2; FinTechs; payment services; Insha; Solarisbank;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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