FinTech trend #3: PSD2 is the future for multibanking

Technology does more than just support your organisation. It helps to build the future and its growth.

This applies to all sectors in the Belgian market, from telecommunications to retail and agriculture. However, technological progress is also evolving at a fast pace in the financial sector. Innovative FinTech solutions offer opportunities for companies and organisations. In the years ahead, these solutions will therefore have a major impact on the way we deal with money.

In October 2018, we conducted market research to gain a better understanding of the main FinTech trends in Belgium. Discover the results of our research in a series of 3 blog posts.

One thing is clear: you are aware that technology and digitalisation are more than just departments within a company. Technology helps build your organisation and enables you to grow.

When it comes to multibanking services, 45% of the respondents use an online platform. The majority of our respondents use Isabel 6. This digital platform provides companies with access to 26 national and international banks and was launched back in 1995. The platform has since expanded to include new services such as integration with CODA files and Zoomit. Behind the scenes, we continue to develop new functionalities such as integration with the digital ID for Belgian citizens, itsme®.

As you may be aware, however, the multibanking services market will be undergoing major changes in 2019. As required by the new PSD2 regulation, banks will need to provide certified third parties with access to the business and personal accounts of their customers. As a result, consumers – both citizens and companies – will also be able to check their accounts using applications offered by these third parties, which may also allow them to make payments. Thus open banking challenges us to think ahead and innovate, whether in the areas of new applications and opportunities or security and integration.

In 2016, we welcomed the Ibanity team, which specialises in connecting with banks using a new method known as APIs (Application Programming Interfaces). This team is developing the future connections with financial institutions both in Belgium and abroad. Our survey showed that 36% of respondents have already launched open banking initiatives. APIs will allow organisations to establish digital connections with banking and accounting software in a more flexible way.

Marc Lainez, co-founder of Ibanity, adds: “We want to be the missing link between financial institutions, software developers and professional end users. It is our mission to transform the way in which people interact with the bank, in the context of open banking and PSD2.”