Some banks have been exploring the use of open APIs (application programming interfaces) over the past couple of years – but upcoming legislative changes mean that financial institutions operating in Europe now have a formal deadline approaching. The EU’s second payment services directive (PSD2) and the UK’s open banking standards come into force in January 2018.

As the open banking movement grows stronger around the world, APIs are starting to infiltrate your everyday banking experience too. “Login with your bank” may well be the next familiar button when doing your last-minute Christmas shopping on Amazon, or applying for a trade finance loan.

This article shares how Innovation thrives on open source, how it affects small businesses and whether banks can be used as financial utilities.