Blockchain is the technology supporting the process of mining and pricing bitcoins, a procedure whereby the users of this cryptocurrency make payments and transactions in an encrypted and authenticated form on a distributed database.
The PSD2 directive has come into force and opened a new scenario of liberalization of the financial sector in Europe. In this new context, several protagonists take on a specific role in the relationship between banks, services providers, European regulatory institutions and customers.
En Europa hay entidades bancarias y empresas ‘fintech’ que se están adaptando con rapidez y con una estrategia realmente inteligente al nuevo marco legislativo impuesto por la ‘Segunda Directiva de Servicios de Pago’ (PSD2).
Some weeks ago we took part in the World Open Banking Dialogue in London. There we heard first-hand how banks around the world are helping to consolidate the open banking concept, while we also had the opportunity to set out BBVA's vision of the phenomenon.
A large part of the user authentication protocols in the new digital age –both proprietary solutions in the hands of companies such as IBM or Oracle and open solutions like OpenID and OAuth 2.0– are based on application programming interfaces (APIs).
Using an optimal credential or authentication system is vital to ensure the security of an application programming interface. OAuth 2.0 has become the basic security protocol for mobile APIs development and for providing credentials to launch native applications. The basic HTTP access authentication method does not guarantee the same level of security.
In recent years, the United Kingdom has become one of the strongest supporters of open banking worldwide. It all started when HM Treasury decided to create a working group on this matter in 2015; then, one and half years ago, an entity was created to handle the transition; and, in January 13, 2018 standards were implemented and the UK is now at the forefront of open banking.
Blockchain is the technology behind bitcoin, a huge database distributed in numerous servers all around the world that gathers all the transactions made in bitcoins. It supports secure and reliable financial transactions between two parties without intermediaries, thus driving down costs. We list below some blockchain experts that you can not miss.
The new Revised Directive on Payment Services (PSD2), issued by the European Banking Authority to deregulate the financial sector, has sparked a genuine revolution in the processes of managing digital identity –and in its protection.
