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Letter from the editors

he United Kingdom and Europe are lead-
ing the charge for open banking, which
is extending banking to nontraditional
T 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 shar-
ing is widespread already – thanks to application pro-
gramming interfaces (APIs), which are intelligent con-
duits 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 embrac-
ing 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 Eu-
ropean Union's revised Payment Services Directive.
Other news stories cover mystery shopping in acquir-
ing, POS tablets' dominance over mobile wallets, early
breach detection, virtual reality commerce, a stream-
lined ISV offering, among other topics.

The Education section begins with a throwback to
2008 with excerpts from a Street Smarts article em-
SM
phasizing 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 to-
day. And no issue would be complete without com-
pany and new product profiles, as well as updates on
the payments industry's latest achievements, honors,
product and program launches, IPOs, company ex-
pansions, partnerships, acquisitions, appointments,
and research.

We've been dedicated to the education and advance-
ment 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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