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The other digital enablers: How are regulators shaping the use of open APIs and the cloud globally, and what more can be done?
Journal of Digital Banking,
4
(1),
6-18
(2019)
Abstract
Over the past decade, emerging technology and changing client behaviour and market demand has seen banks put open application programming interfaces (APIs) and cloud technology at the heart of their business strategies. The regulatory response has happened at different speeds globally, but has broadly focused on laying the foundations for realising the growth opportunities for emerging technologies, while addressing the risks they may bring. Policymakers around the world are focused on promoting innovation by supporting competition and removing barriers to technology deployment. The next few years will shape the future of financial technology (FinTech). While there is a strong commitment from regulators to drive innovation, there still exist certain regulatory challenges to the immediate uptake of new technologies in the banking industry. This paper — leveraging content from a recent report by Deutsche Bank, ‘Regulation for banking transformation’ (https://cib.db.com/insights-and-initiatives/flow/regulation-driving-banking-transformation.htm), which included contributions from the European Banking Federation (EBF), the Asia Securities Industry & Financial Markets Association (ASIFMA), Google, Microsoft, Ernst & Young and Latham & Watkins — provides a high-level overview of the regulations applicable with respect to banks’, and their clients’, use of open APIs and cloud, and assesses areas where regulatory and market change could help drive uptake of these technologies.
Keywords: regulation; APIs; cloud; open banking; data privacy; cybersecurity
The full article is available to subscribers to the journal.
Author's Biography
Polina Evstifeeva is an expert on regulations in the financial technology (FinTech) space and has more than 13 years of experience in the financial services industry. As Deutsche Bank Global Transaction Banking’s head of regulatory strategy within the chief digital office, she plays an important role in shaping the bank’s response to the impact of global regulatory initiatives on financial technology. She represents Deutsche Bank in various industry associations — including the Association for Financial Markets in Europe (AFME), Asia Securities Industry & Financial Markets Association (ASIFMA) and UK Finance — and is involved in a host of industry initiatives related to cloud, Blockchain and artificial intelligence (AI). She is a regular contributor to industry journals and specialist magazines and frequently speaks at industry conferences on regulatory matters. From 2014 to 2017, she led market advocacy work at Deutsche Bank on a number of regulatory dossiers impacting global transaction banking, including the Payment Services Directive 2 (PSD2), Undertakings for Collective Investment in Transferable Securities V (UCITS V), Alternative Investment Fund Managers Directive (AIFMD) and the European Capital Markets Union. Prior to that, she had spent six years working as a legal counsel at Deutsche Bank. She has a degree in law and in finance and credit.
