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An expert conversation: approaches to open banking

Interview summary on API banking possibilities between Tietoevry Banking payment experts Deniss Filipovs, Edgars Bremze and Vadims Lamovs.

Deniss Filipovs / January 15, 2024
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The conversation between Tietoevry Banking payments experts revolves around the evolution of open banking from a compliance-focused approach to a revenue-generating strategy

A significant shift has occurred in viewing APIs as products. There is a growing trend of banks exploring marketplaces and embedded finance, where banks offer their services through APIs to fintechs, allowing them to integrate these services into their applications.


The discussion delves into the role of marketplaces, with some banks creating their own platforms, while others embed their services in existing marketplaces. The conversation emphasizes that merely exposing APIs is not sufficient; they should be treated as products, incorporating attributes such as limitations and fee calculations.


Strategies for open banking 

When planning an API journey, each bank needs to formulate its API strategy, deciding on embedded offerings, building a marketplace, or maintaining compliance. Technical considerations include finding assessing internal IT capabilities and/or the right partner or platform, and establishing a reliable API management platform with essential features like a development portal, sandbox for testing, and standardized frameworks.

Challenges in implementing open banking initiatives revolve around technology and understanding identified as significant obstacles. Many banks struggle with adapting to new technologies like microservices and understanding the complexities of creating products based on APIs. The need for competent IT resources is highlighted to overcome these challenges.

Open banking has evolved beyond compliance and is now seen as a potential revenue-generating stream through models like embedded finance and marketplaces. Challenges persist, requiring banks to navigate technical complexities and enhance their understanding of API products to fully capitalize on the opportunities presented by open banking.

Navigating Challenges and Seizing Opportunities in API Banking

A conversation of Tietoevry Banking experts sharing insights on API journeys, embedded finance, and the crucial aspects of Open Banking.

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Vadims Lamovs
Senior Product Owner, Open Banking and Instant Payment

Vadims Lamovs currently holds the position of Senior Product Owner, Open Banking and Instant Payment at Tietoevry, and has almost 15 years of experience in the Banking and Payment area.

Edgars Bremze
Lead strategic product manager, Payments

Edgars Bremze the strategic offering manager for Payments in Tietoevry and has more than 20 years of professional experience in the payments industry.


Deniss Filipovs

Director of Strategic Business Development

Vadims Lamovs

Senior Product Owner, Open Banking and Instant Payment

Edgars Bremze

Lead strategic product manager, Payments

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