【翻译】The State of Open Banking -1. DRIVERS AND BENEFITS OF OPEN BANKING INITIATIVES

朗迪的这份报告里有非常多的金融科技词汇以及开放银行的概念描述词汇，是个非常好的学习材料。

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Whitepaper
2018
白皮书
2018

The State of Open Banking

直译：开放银行现状
意义：开放银行前沿
（但英语中 the state of the art 是“最先进、最前沿“的意思，所以不难看出作者取这个标题是有向最前沿致敬的意思）

Why today’s early implementation steps are leading to a financial revolution
为什么当今早期（开放银行）实践步伐正在引发一场金融革命

（英语中常会省略文章的主题，默认读者是知道的，但中文翻译过来时必须加注，不然语句不通顺，意思也很难理解）

This white paper addresses commercial banks, other financial service providers, fintech startups, investors, and more, regarding:
本白皮书所论述的对象是商业银行、其他金融服务机构、金融科技创业公司、投资者等，关于以下内容：
• Drivers and benefits of Open Banking initiatives
开放银行尝试的驱动力与获益
（initiatives的意思有好多种，在这里翻译为“尝试”比较合适）
• Regulatory frameworks around the globe
在全球范围内的监管框架
• Financial functions targeted by open APIs
开放API所针对的金融功能
（被动语态，翻译时可以使用主动语序进行替换，这样句子更加顺畅）
• Leading players and their initiatives
（开放银行）先驱们以及他们的尝试
（直译：头部玩家）
• Collaboration strategies
协作策略
• Risks and challenges
风险与挑战
• Defining the path to success
定义成功路径

Open Banking kick starts the creation of highly innovative, digital financial services through open technology standards, or APIs. These enable commercial banks to share account information and support payments with all types of enterprises.
开放银行启动高度革新的创造，即数字金融服务通过开放技术标准——API，使商业银行能够分享账户信息、支持与企业的各类支付。

（kick start指的是摩托车发动时用脚踢踏板的动作，这里是形象的比喻，所以翻译作“启动”比开始更贴切。英语不像中文，一句结束就是一句意思的终结，英语的上下文是有联系的，上一句话可以作为下一句的开始，所以翻译时不必遵循英语中的句号来断开意思。These指的就是上一句中的open technology standards, or APIs）

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Driven initially by regulations in Europe and the UK, variations on Open Banking are gaining foothold in the US, Asia/Pacific, and beyond. In the future, the ‘open’ philosophy will impact lending, wealth management, and invoicing as well.

开放银行活动最初由欧洲和英国的监管部门发起，并在美国、亚太以及其他地区演变，最终站稳脚跟。在未来，“开放”哲学将影响信贷、财富管理、结算。

（注：英国政府的竞争和市场委员会CMA (Competition and Markets Authority类似中国的发改委) 2016开始主导Open Banking计划，经过近两年准备，2018年开始在英国大银行逐步实现。欧盟2016年通过PSD2(Payment Service Directive 2 支付服务规划2)法令，规定在2018年1月13日起欧洲银行必须把支付服务和相关客户数据开放给第三方服务商。）

LendIt Fintech conducted this study to provide an update on how far the Open Banking trend has progressed and how great an impact it will have on the financial competitive landscape.
朗迪金融科技进行的这项研究，将提供对“开放银行业务进展怎样，将对金融竞争格局产生多大的影响”的最新报告。

（句子复原it will have an great impact on the financial competitive landscape. it 做虚拟主语代指开放银行 how great will it have an impact on… 作为疑问句语法上是这样，但这是惊叹句，所以是文中的那样变形。 ）

Through research into banks’ developer websites; the latest offerings from commercial banks, fintechs and internet brands; and industry interviews; LendIt affirms the likelihood that Open Banking will restructure the industry in terms of business models and services created through collaboration.

通过对银行开发者网站的研究；商业银行的最新产品、金融科技和互联网品牌；机构观点；朗迪表示开放银行将重组行业的商业模式的可能性和通过协作创建服务的可能性。
（注：LendIt affirms the likelihood that Open Banking will restructure the industry in terms of business models and services created through collaboration.这是一个长句，分解后that后跟一个定语从句，从句分为两个短语部分用and连接，Open Banking will restructure the industry in terms of business models 为一部分短语，services created through collaboration为另一部分短语，两短语都修饰 likelihood这个词。讲的是这两短语的likelihood（可能性）。created through 在这里是被动语态不是过去式，这是过去分词作被动语态的独立主格结构）

A fundamental question addressed is: what steps must a company take to play a leading role and stay competitive?
一个被问到的基础问题：公司必须采取哪些措施才能发挥主导作用和保持竞争力？

“Open Banking is driving a new dynamic whereby traditional banks are bifurcating into product providers or relationships owners.” - Max von Bismarck, Chief Business Officer at Deposit Solutions
开放银行推动一种新的形态，即传统银行将分成服务提供者或关系所有者。

Contents

1. Drivers and benefits of Open Banking initiatives
2. Regulatory frameworks around the globe
3. Financial functions targeted by open APIs
4. Leading Open Banking players and their initiatives
5. Collaboration strategies
6. Risks and challenges
7. Defining the path to success
8. Appendix: Developer portals and API support by bank
   8 附录：银行的开发人员门户和API支持

Research sources
研究来源

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1. DRIVERS AND BENEFITS OF OPEN BANKING INITIATIVES

Open Banking is a recent phenomenon, arising from European and UK directives in 2015 and 2016 to create a more integrated, innovative, and competitive banking and payments system. It has gained a foothold in the US, Asia/ Pacific, and elsewhere as well.

开放银行是最近出现的一种热门现象，源于欧洲和英国在2015和2016年颁布的指令，旨在创建一个更加一体化、创新和更具竞争力的银行与支付体系，并已在美国、亚太以及其他地区站稳脚跟。

（注意：phenomenon 这个词在英语中很有意思，在这里使用即指开放银行这个活动非常成功。虽然，在剑桥字典中phenomenon有好几个解释，但从例句可以看出，文章中的phenomenon是“成功”的意思。我翻译为“热门”比较通顺。不得不说，英语是个很有意思的语言，可能会有好几个词翻译为中文是同一个意思，但各自有表达上的差别，所隐含的意思，在翻译过程中可能会流失）

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Open Banking is an initiative that instructs banks to share access to account information and payment mechanisms with third-party providers (TPPs). These TPPs – who often are fintech startups, but also may be consumer- facing digital brands or financial transaction processors – access these systems through open technical standards (application programming interfaces, or APIs). They then incorporate this access into compelling financial applications. Examples of such services include voice and chat-controlled account queries; personal financial dashboard apps; budgetary analysis and semi-automated debt reduction counseling; instantaneous product financing, and product insurance offers; and comparison marketplaces for depository products.

开放银行是一项指导银行与第三方机构共享帐户信息和支付渠道的举措。这些第三方机构通常是金融科技创业公司，但也可能是面向消费者的数字品牌产品或金融交易处理者，通过开放技术标准（应用程序接口API）接入他们的系统。然后，他们将访问权限纳入引人注目的金融应用中。此类服务的例子包括使用语音和聊天互动进行帐户查询；个人财富仪表盘应用（理财app）；预算分析和半自动减债咨询；即时产品融资和产品保险报价；还有存款产品的比较市场。

（注：These TPPs – ，– access these systems ，TPPs 和 systems 两个词都用these修饰，首尾呼应。chat-controlled 原指聊天室的观众控制直播里的活动，这里指聊天互动查询。）

While some of these services have been available earlier with limited scope, Open Banking’s industry-wide access democratizes the playing field and ignites innovation. Traditional banks now will not only be competing against other banks, but a range of enterprises offering financial services.

虽然在早期其中一些服务能在有限范围内使用，但开放银行的全行业接入使竞争环境民主化并点燃创新。传统银行现在不仅要与同行竞争，还要与一系列提供金融服务的企业竞争。

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Key drivers of Open Banking
开放银行的关键驱动力

Regulations
监管
A crucial motivation for governments worldwide has been the transformation of the financial services market into a more competitive and innovative one. Federal and regional agencies are drafting regulations to facilitate a more open environment that is receptive to technology players and disruptive ideas, which in turn will empower consumers. Section 2 in this paper addresses relevant regulatory frameworks.
对于全球政府来说一个关键性的动机是，将金融服务市场变得更具竞争力和创新性。联邦及地区机构正在起草法规，以促进更加开放的环境，即接收技术型参与者及其破旧立新的想法，这反过来又将赋予消费者更多选择的权力。
本报告第2节讨论了相关的监管框架。
（注：has been ➕名词，现在完成时，表示这个动机从过去就有，也就是说，“将金融服务市场变得更具竞争力和创新性”不单单是现在开放银行的动机，也是自古就有的动机，开放银行正好可以实现此动机。disruptive这个词有破旧立新的意思。empower consumers 指赋予消费者某种权力，这里联系上下文指的是赋予更多选择的权力）

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Customer expectations
客户期望
Consumer demands are evolving. Millennials bank differently than the previous generations. According to a 2016 survey conducted by Accenture, more than 50% of consumers will use a payment initiation service provider (PISP) product, and one-third of debit card payments and one-tenth of credit card payments are expected to move to PISPs by 2020. The younger banking generation requires quickly accessible, personalized, and secure digital services that are also affordable.
消费者的需求正不断变化，千禧世代的银行消费者与前几代不同。根据埃森哲2016年进行的一项调查，超过50％的消费者将使用支付启动服务提供商（PISP）产品，预计到2020年，三分之一的借记卡支付和十分之一的信用卡支付将转移到PISP。年轻一代的银行消费者需要快速易得、个性化和价格合理的安全数字服务。

注：何为PISP？之前的文章里有提到TPPs，看下面的介绍：
The introduction and regulation of third party payment service providers (TPPs) – as described above there are 2 types, those that offer:

• Payment Initiation Services Providers – PISP
• Account Information Service Providers – AISP
  PISP就是因为PSD2法令，使得原本的TPPs分成PISP与AISP，因为根据PSD2的要求，客户可以在一个整合的地方访问自己在各家银行的账户，这就是AISP提供的服务，而PISP提供的是支付交易的发起服务。

PSD2法令针对的适用范围：Payment Institution（支付机构）TPPs（支付服务提供商），Bank（银行）
而不少金融科技公司，又在PISP和TSP之间被划分
payment initiation service provider (PISP) （支付启动服务提供商），Technical Service Provider（TSP）（技术服务提供商）

下表是对技术服务提供商与支付启动服务提供商的对比。

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Technology
技术
APIs have evolved from being optional infrastructure to must-have tools as they allow banks to develop capabilities to succeed in a competitive ecosystem. Instead of reinforcing innovation from the ground- up, APIs afford the potential for rapid product development through the aggregation of existing software functionality. Layer on top of APIs parallel trends in human-language interfaces, big data, and machine learning, and one has the makings of dramatic improvements in customer-centric financial services in the coming years.

API已从可选基础设施发展为必备工具，作为给予银行在竞争生态中成功发展的能力。API不是强调从头开始创新，而是通过聚合现有软件功能以提供快速产品开发的潜能。未来几年，在API上层的人机接口、大数据、机器学习以并发势态助力以客户为中心的金融服务取得显著进步。
（注： one has the makings of sth，具备某种事情需要的品质／能力，这里指“Layer on top of APIs parallel trends in human-language interfaces, big data, and machine learning”能为“dramatic improvements in customer-centric financial services”提供需要的能力。所以，翻译为“助力”比较合适。这句话比较难翻译，太过于“意向化”了，跟中文的习惯思维完全不一样，意思好理解，组织翻译语句比较难）

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Competition & collaboration
竞争与合作

Banks have suffered a decline in average return on equity beginning with the 2008 crisis.
从2008年金融危机之后，银行的平均股本回报率遭遇下降。

Apart from battling with traditional competitors, banks are facing the rise of fintechs.
除了与传统竞争对手抗行以外，银行还面临着金融科技公司的崛起。

Global investment in fintech has hit a record high of USD 58 Bn across 875 deals in first half of 2018, already exceeding the investment for all of 2017.
金融科技的全球投资在2018年上半年的875笔交易中创下了580亿美元的历史新高，已超过2017年全年的投资额。
（注：hit a record = record-breaking 打破纪录）

Fintechs have managed to limit the purview of regulators to a degree through non-banking business models, threatening banks with competitor hyper-growth while limiting compliance costs.
金融科技公司因其非银行业务模式在一定程度上限制了监管机构的职权范围（监管盲点），在限制合规成本的同时，以高增长竞争者（野蛮生长的野蛮人）的姿态威胁银行。
（注：句头的limit与句尾的limiting相呼应，所以逗号前半句的意思很难理解，为了刻意使用limit。threatening banks with competitor hyper-growth，threaten sb with sth，以何物威胁某人）

They say: if you can’t beat them, join them.
古人说：如果你不能打倒他们，那就加入他们。

Open Banking thus encourages banks to collaborate with fintechs and harness their best attributes. These include out-of-the-box ideas, customer- centrism and time to market.
开放银行活动鼓励银行与金融科技公司合作，利用他们的优点，包括：开箱即用的创意、以客户为中心、敏捷上市。
（注：out-of-the-box 拿到就能用。time to market 即TTM，abbreviation for time to market，指一个产品从构思到上市的时间，也就是现在的“敏捷”模式。）

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According to PwC’s Global Fintech Report 2017, 82% of incumbents expect to increase fintech partnerships in the next three to five years.
根据普华永道2017年全球金融科技报告，在未来3到5年，82%的老牌金融机构期望增加金融科技合作伙伴。

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Benefits by audience
受众的益处
Not only will customers benefit greatly from new services being fashioned together using Open Banking, but commercial banks, fintech startups, and non- financial companies with broad consumer reach, all can find opportunities to update their strategies and achieve outsized returns.
客户不仅可以在被开放银行塑造的新业务中获益匪浅，而且商业银行，金融科技创业公司和具有覆盖广泛消费者的非金融公司都可以获得更新战略并实现超额回报的机会。
（注：fashion作动词不太常见，意思和make差不多）

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Benefits to customers
对客户的益处

• Open Banking will give consumers much more freedom to compare and seamlessly switch financial service providers, while simultaneously holding their funds at a trusted, well-established bank. 开放银行将给予消费者更多的自由去比较和无缝切换金融服务提供商，与此同时将资金存放在一家值得信赖的知名银行。

• Consumers will have a real-time view of all their finances on a single platform rather than juggling multiple accounts. This empowers them to make better decisions when dealing with financial products, investments, and expenditures. 消费者可以在一个平台上实时查看所有财务状况，而不是来回处理多个账户。这能方便的让他们在交易金融产品、投资和支出时做出更好的决策。

• Individuals who may not qualify for traditional banking services or find them too costly, will realize financial inclusiveness benefits including: low-fee or no-fee accounts, alternative credit assessment methods, easy transfers to family and colleagues, account access anywhere via smartphone, and automated 24x7 support in the language of their choice. 不被传统银行服务或服务成本太高的客户，将从实现金融包容性中获益，包括：低手续费或免费帐户，代替传统信用评估方法，轻松转账给家人和同事，通过智能手机在任何地方访问帐户，以及自动 7x24 小时 全天候支持客户选择的语言。
  （注：欧洲国家很多，语系分支也多，多语言支持就是几十种语言，确实有难度，不像国内的多语言就是中、英、日、韩等几种）

• As Open Banking expands, it will also improve the efficiencies of business banking in areas such as accounts-receivable processing. 随着开放银行业务的扩展，它还将提高应收账款处理等领域的商业银行效率.

If you’re a consumer unhappy with your bank’s service, you can now switch in an instant to a new financial services provider... on an app, without having to transfer your actual bank account.

• Jamie Campbell, Awareness Lead, Bud
  如果您是一个对银行服务不满意的客户，您现在可以立即切换到新的金融服务提供商…在一个app上，且无需转移您的实际银行账户。

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Benefits to banks
银行获益

• Banks have the opportunity to expand their offerings by opening up their core business functions to third- party integration via APIs. The most progressive of banks are building developer portals (websites) and sandboxes (platforms on which to experiment) to nurture innovation ecosystems.
  银行有机会通过API向第三方集成商开放其核心业务功能来扩展其产品服务。最先进的银行正在建立开发者门户（网站）和沙箱（实验平台），以培育创新生态系统。

• Enhanced service offerings that are customized to end-users’ needs will help banks drive customer satisfaction.
  根据最终用户的需求定制更好的服务产品将帮助银行提高客户满意度。（直译：达到客户满意的预期）

（注：help 后宾语补足语不定式省略to，help banks to drive… drive是动词词性的意思
Enhanced service offerings that are customized to end-users’ needs 这个超长短语作主语）

• Banks will be able to participate in larger profit pools by reaching out to the underserved population.
  银行将能够通过触达服务欠缺的人群来参与更大的利润池。

（注：利润池（Profit pools）
The Profit pools is a strategy model that can be used to help managers or companies focus on profits, rather than on revenue growth. The method was conceived by Orit Gadiesh and James L. Gilbert, both consultants at Bain & Co. presented the following definitions: "the total profits earned at all points along the value chain of an industry. Companies that see what others do not see, will be best prepared for capturing a larger share of the profits in an industry."
1998年，贝恩咨询公司的奥里特·加迪什(Orit Gadiesh)和詹姆斯·吉尔伯特(James L. Gilbert)在《哈佛商业评论》中首次提出行业利润池的概念。利润池（Profit pools）是指行业价值链各链结点所产生的利润总和。运用利润池分析法的目的是研究行业总利润在价值链各节点的分布情况，并为企业的战略决策提供依据。企业不论处于行业价值链的某一链节，还是跨越若干链节，均应从利润池的分布情况出发，并结合自身在行业价值链中所处的位置及拥有的利润池份额，研究行业价值链中其他有利可图的价值活动，寻找发展的机会，作出放弃或开发其他链节的决策。企业可以通过分析和预测行业利润池的变迁，确定企业未来的发展战略。）

• Launch of digital-only services will improve banks’ revenues and profitability.
  推出纯数字服务将提高银行的收入和盈利能力。

• Banks have a prominent “chair at the table” in terms of participation in regulatory conversations and technical consortia, where they can help define the priorities and details of Open Banking’s technical specifications.
  在参与监管对话和技术联盟方面，银行有一个重要的“席位”，在那个位置上他们可以帮助定义开放银行技术规范的优先级和细节。

（注：“chair at the table” 席位，指的是银行所处的谈判位置高地）

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Benefits to fintechs
对金融科技公司的益处

• With the premise of Open Banking being the ability to seamlessly integrate multiple financial functions and data in a common user experience, fintechs have available numerous paths to innovation through the aggregation of services and data.
  开放式银行能够在一个共同的用户体验中无缝集成多种财务功能和数据的前提下，金融科技公司通过服务和数据的聚合提供了许多创新途径。

（注：of 后面开始的 Open Banking being…到experience都是修饰the premise，而With修饰逗号前的整个句子。这是一个倒装的句子，将fintechs have 放在后半句，with引导的状语放在句首）

• Fintechs will have easy outreach to banks’ customer base. Whereas in other fintech sub-sectors, it has been the startups that drove early customer adoption, with Open Banking it appears to be banks’ existing customer base – paired with compelling applications – that will create the critical mass of adoption.
  金融科技公司将轻松扩展至银行的客户群。在开放银行，似乎是银行现有的客户群 - 与吸引人眼球的应用程序配对 - 这将创造大量的使用（金融科技公司的产品），而在其他金融科技子行业中，尽快推动客户使用（金融科技公司产品）的是初创公司本身。

（注：这里也是倒装的句子，Whereas被放在句首，it has been the startups that… it是虚拟主语，还原后的语序 drove early customer adoption has been the startups。第二个 it指代Open Banking，to be bank‘s… paired with 也是倒装，还原后是 to be paired with。这个报告的作者花式玩弄语法，逼格略高，但对读者来说，就是受虐，估计以英语为母语的人看得都费力）

• Access to vast transactional data held by banks, combined with big data and artificial intelligence techniques, allow fintechs to construct a business strategy around leading-edge analytics and personalization.
  通过访问银行持有的大量交易数据，结合大数据和人工智能技术，允许金融科技公司围绕领先的分析和个性化去构建业务战略。

（注：三个短语组成的句子）

• Fintechs can build virtual services in which they act as the front-end, but refrain from actually holding deposits or offering financial advice. This allows them potentially to circumvent complex and expensive banking compliance requirements. However, there still may be other Open Banking licensing requirements for new enterprises: the UK is registering companies as authorized account information service providers (AISPs) or payment initiation service providers (PISPs). Fintechs may have choices to make as to the regulatory principles under which they will operate.
  金融科技公司可以作为前端建立虚拟服务，但不实际持有存款或提供财务建议。这使他们有可能规避复杂和昂贵的银行合规性要求。但是，新企业可能还有其他开放银行许可要求：英国正在将注册公司分为授权帐户信息服务提供商（AISP）或支付启动服务提供商（PISP）。金融科技公司可能会选择在监管原则之下操作运营。

（注： make as to the regulatory principles under which they will operate 直译：监管原则在他们操作运营之上）

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Benefits to non- financial service providers, including digital consumer brands
对非金融服务提供商（包括数字消费品牌）的好处

• Involvement with financial transactions and related data is lucrative opportunity, even if one is not a financial company. That’s why digital consumer giants including Google and Facebook are promoting their own payment services. Open Banking benefits these companies by providing a standard interface with which to access consumers’ funds and financial data, instead of building interfaces ad hoc. In the UK, which mandates that banks provide account access APIs to all qualified third-parties, a company like Facebook no longer must negotiate access terms for its Messenger Payments service, with what might be a banking competitor.
  即使不是金融公司，参与金融交易和相关数据也是一个有利可图的机会。这就是包括Google和Facebook在内的数字消费巨头正在推广他们自己的支付服务的原因。开放银行通过提供一个标准接口来访问消费者的资金和财务数据，而不是专门构建接口，使这些公司受益。在英国，要求银行向所有合格的第三方提供帐户访问API，像Facebook这样的公司不再需要为其Messenger Payments服务协商访问条款，这可能使其成为银行的竞争对手。

（注： ad hoc 拉丁语 特殊、特意设置的意思）

• Meanwhile, professional services firms are filling a knowledge gap by sharing leading-edge practices in compliance, data security, forensics, and governance. PwC, for example, has its Financial Crimes unit working with banks on fraud and anti-money laundering, as well as security concerns, related to Open Banking.
  与此同时，专业服务公司通过分享合规性，数据安全性，取证和治理方面的前沿实践来填补知识空白。例如，普华永道的金融犯罪部门与银行合作开展欺诈和反洗钱以及与开放银行业务相关的安全问题。