API Technology and Open Banking from the Perspective of Turkish Legal System and Payment Services Directive 2

Bertaç Şakir Şahin and Barış Cihan Cantürk
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Bertaç Şakir Şahin: Yildiz Technical University
Barış Cihan Cantürk: Yildiz Technical University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2020, vol. 35, issue 114, 149-180

Abstract: As a result of technological developments, the banking environment and services have changed. The concept of fintech, which combines technology with finance applications, enabled banking services to be introduced with a new concept. This new banking concept called “open banking” highlighted the concepts of digitalization and transparency in the banking sector. In this study, the definition, implementations in world and Turkey, opportunities and risks and the legal dimension of open banking are discussed. As a result of the literature review, it is concluded that with open banking, banks implement four basic strategies: compatibility, competitiveness, expansionism and transformational.

Keywords: API Technology; Fintech; Banking; Open Banking; Finance Law; Commercial Law (search for similar items in EconPapers)
JEL-codes: G21 G38 K10 K15 L17 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:35:y:2020:i:114:p:149-180

DOI: 10.33203/mfy.637661

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