[Openid-specs-fapi] EY View of Open Banking

Tue Feb 6 05:21:05 UTC 2024

On 2024-02-05 21:53, Gail Hodges wrote:
> Anders, All
> 
> I dropped a note to the lead writer of the article. I think it will be useful for consultants like E&Y to be clear on OIDF / FAPI role when they are advising clients.

Thanx Gail,
Let's get this straight.  What is proposed must not be viewed as a deprecation of OIDC / FAPI.  Using my wording it is a suggestion to refactor the Open Banking architecture underpinning FAPI, so that it also could serve legacy payment solutions like EMV as well as new things like wallets.

In fact, OIDC would get even more tasks than today, where this one
https://www.linkedin.com/posts/takahikokawasaki_issuing-verifiable-credentials-in-the-sd-jwt-activity-7159011621330112512-o-gn
would be the most obvious solution for issuing virtual payment cards.

FAPI's primary "competitor" (the Berlin Group), recently published their roadmap for dealing with EMV:
https://c2914bdb-1b7a-4d22-b792-c58ac5d6648e.usrfiles.com/ugd/c2914b_d96e8032913e40878604a5a3720d27bd.pdf

However, the Berlin Group proposal is from an architectural point of view essentially the opposite to what EY and I are talking about.  Since the FAPI WG has close ties to OBIE (now Open Banking Ltd.), it seems appropriate to begin a conversation and see where that goes.

Best regards,
Anders

> 
>> On Feb 5, 2024, at 6:48 AM, Anders Rundgren via Openid-specs-fapi <openid-specs-fapi at lists.openid.net> wrote:
>>
>>  https://thepaypers.com/expert-opinion/how-will-open-finance-reshape-financial-services-of-the-future--1266586
>>
>>     "This should ideally combine APIs, modular technology architecture, and micro-services
>>      to deliver discrete, individually deployable, and vendor-agnostic components. By
>>      plugging-and-playing components and technology accelerators, banks could reduce
>>      build effort, cut development cost, and scale more effectively"
>>
>> A major refactoring project seems to be looming on the horizon.
>>
>> It is kind of nice that a "one-man-band" and a major consulting company share the same vision😆 What's missing is a PoC.
>>
>> Anders
>> https://www.linkedin.com/posts/andersrundgren_payments-activity-7157989678804021248-ZLG9
>>
>>
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