The United Kingdom and Europe are leading the charge for open banking, which is extending banking to nontraditional spheres. Open banking enables customers to authorize nonbanks they do business with to access their bank accounts in support of payments and other financial transactions. While collaborative data sharing is widespread already – thanks to application programming interfaces (APIs), which are intelligent conduits that banks use to support seamless integrations with third-party digital applications, such as financial management programs for mobile banking – open banking takes the process a step beyond simple data exchanges to support account-to-account payments, often in real time.
This issue's lead article explores this potentially game-changing development, taking a look at the role of new regulations, what related research reveals, the embracing of open banking by global banks, the prospects for bank technology firms, opportunities and pitfalls to be aware of, and more. News Briefs in this issue also touch on open banking with a report on research that links API growth to open banking platforms, as well as the launch of a program friendly to the European Union's revised Payment Services Directive. Other news stories cover mystery shopping in acquiring, POS tablets' dominance over mobile wallets, early breach detection, virtual reality commerce, a streamlined ISV offering, among other topics.
The Education section begins with a throwback to 2008 with excerpts from a Street SmartsSM article emphasizing that what you believe your reality to be is what will appear. Contributing writers also share wisdom herein on why signing a merchant account is the beginning of the sales process; how to keep track of developments in payments and distinguish hype from reality; how payments enterprises can optimize return on investment capital to achieve meaningful growth and long-term value; and the key to mobile wallet adoption.
You'll also find insights from members of The Green Sheet Advisory Board in the second article in a three-part series on what it takes to thrive in payments today. And no issue would be complete without company and new product profiles, as well as updates on the payments industry's latest achievements, honors, product and program launches, IPOs, company expansions, partnerships, acquisitions, appointments, and research.
We've been dedicated to the education and advancement of the payments industry's feet on the street since 1983. We will continue to appreciate the news you send us at press@greensheet.com and the questions you pose at greensheet@greensheet.com. 
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