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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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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 Advisor at BIS Innovation Hub (all opinions are my own)
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
Across the world, the trend towards open banking regulation is clear – and is rapidly gaining traction and momentum. In Europe we’ve seen the launch of PSD2 for the EU and CMA Open Banking in the UK. In Asia Pacific there have been Open API regulations e.g. Hong Kong’s HKMA and Australia's open banking initiatives – followed by upcoming activities...
16 August 2018
Since PSD2 became effective on 13 January 2018, banks are legally required to open up their customers’ data to third parties – such as challenger banks and digital offerings. The intention is to develop new digital offerings as well as increase competition and make it easier for customers to switch bank accounts: despite more consumers deciding to...
13 August 2018 /retail
Stuart Lacey Founder at Trunomi
The Financial Services industry is undergoing another major transformation, underpinned by Open Banking and PSD2. Together these directives aim to give customers more control over their financial data and to open up the banking landscape to new and competitive third-party products and services. Individuals can now grant third parties secure acces
18 July 2018 /regulation
Marten Nelson Co-founder and CEO at M10
Steve Kirsch, CEO and Founder, Token There are four things that should now be crystal clear to everyone involved in open banking: 1. Open banking has arrived. It was the #1 topic at Money 20/20 Europe. Open banking regulations are now appearing in other parts of the world beyond the EU. 2. Open banking is so irresistible that even banks that ...
10 July 2018 /payments
Benny Boye Johansen Head of OpenAPI at Saxo Bank
On January 13, a piece of EU legislation known as the Payment Services Directive (PSD2) came into effect, mandating that banks must make it possible for a third party company to write software through which bank customers can access their accounts and initiate payments. In other words, banks are now required to open up their data to third parties....
06 July 2018 /retail
In combination, the EU’s Second Payment Services Directive (PSD2) – and the European Banking Authority’s (EBA’s) related Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA) and Secure Open Standards of Communication (CSC) –profoundly impact banks' IT systems and business models. They open up banks’ systems to third-party p...
28 June 2018 /payments
What is Open Banking? Starting January 13th, the largest UK banks began the process of allowing their customers to request transaction data be shared with third parties. Barclays, HSBC, Lloyds, Bank of Scotland, Halifax, Nationwide, RBS, NatWest, Santander, Danske, AIB, First Trust, and Bank of Ireland have given control of current account tran
14 May 2018 /regulation
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