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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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Brendan Jones CCO - Co-Founder at Konsentus Ltd
In a recent dialogue with the EBA, they stated about PSD2 open banking regulations that: “Ignorance of them can of course not be used to justify non-compliance”. Further adding: “Non-compliance amounts to a breach of law, with the resultant consequences for the legal entity.” With that mind and with a deadline of March 14 2019 looming less than 6...
23 October 2018 /payments /regulation
Retired Member
As we enter the final quarter of 2018, it seems a sensible time to take stock of arguably the year’s most exciting development in banking: the introduction of Open Banking back in January. Open Banking was the CMA's solution to the big banks’ dominance of the Personal Current Account market and all the products that hinge off PCAs, granting consum...
22 October 2018 /inclusion
Marten Nelson Co-founder and CEO at M10
What can financial institutions around the world learn from Europe’s early attempts at digital banking freedom, and how can they accelerate the ROI? As the shift towards open banking gains speed, it’s time for financial institutions around the world to recognize this for the huge opportunity it represents – rather than as yet another threat, inc...
22 October 2018 /sibos
Let’s work backwards. Most banks know that the final deadline to comply with PSD2’s Regulatory Technical Standard (RTS) is 14th September 2019. Eleven months away. Following the amendments to the RTS, however (based on industry consultation and lobbying from third party providers), there is another deadline for banks to negotiate, which is much soo...
17 October 2018 /retail
Marcus Bateman Senior Product Manager - UK Products at Form3 Financial Cloud
[Update 29th October 2018 - I have been asked to clarify that phase 2 of Confirmation of Payee (CoP) will include support for individual collection accounts for financial institutions without the need for a separate sort code.] Will every UK financial institution receiving payments require its own Sort Code by July 2019, as a consequence of t
11 October 2018 /payments /regulation
Vishwanath Thanalapatti Analytics at Temenos
Analytics descriptive or predictive is normally associated with data that has accumulated over time banks went digital with introduction of computers in operations. Data thus accumulated grew to big data which is the foundation for analytics. However with open banking this is changing. Openbanking does not have bigdata as a startpoint for anal...
09 October 2018
Dean Wallace Director of Consumer Payments Modernisation at ACI
Open Banking is shaking up the financial services sector and opening up new avenues and opportunities for both banks and payment service providers (PSPs). The open API ecosystems that are emerging are helping players in the sector create next-generation value propositions – evolving their existing operations to make more of emerging digital techno...
05 October 2018 /payments
Fintech banks are tapping into the huge cultural shifts created by the internet and creating new desires and expectations in the financial services industry. They’re putting huge pressure on the high street retail banks and delivering results in exciting new ways. But with the advent of Payment Services Directive 2 (PSD2) and Open Banking the fint...
20 September 2018 /retail
Hakan Eroglu Global Open Banking & Open Data Lead at Mastercard
Europe made the first steps toward open banking with open banking regulations in the UK and PSD2 for the European Union. As a first mover, the EU introduced PSD2 to increase competition in a payments sector dominated by a few big payment service providers and credit card schemes. Taking Europe as a blueprint, other jurisdictions are now using open...
28 August 2018
As we enter a new era of open banking, we see customers empowered by PSD2 and GDPR, enjoying increased control over their personal account data. While the focus of attention has centred on the power struggle over personal data between customers and the banking institutions, we shouldn’t lose sight of the purpose of GDPR. In essence, it forms a con...
23 August 2018
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