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Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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Hakan Eroglu Global Open Banking & Open Data Lead at Mastercard
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
Retired Member
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
With the objective of stimulating competition in banking, the UK’s Open Banking organization has shared a set of Open API specifications and data standards designed to dramatically reduce barriers to entry. While APIs certainly aren’t new, developers now have a set of guidelines to follow in building their own apps and websites. The new Open API ...
11 May 2018
In the run up to its implementation date on 13 January 2018, the EU’s Second Payment Services Directive (PSD2) – which in the UK is known as ‘Open Banking’ – was widely perceived to be a game changer in retail banking services. In a nutshell, the directive aims to ensure that all payment service providers (PSPs) that operate in the European single...
11 May 2018 /retail
Kunal Patel Product Manager at 1E
There has been a lot written over the past few years about the so-called impact that GAFA (Google, Apple, Facebook & Amazon) will have on banking world in the future. These large tech companies are so intertwined with our lives that it stands to reason that they should look at making a play into banking. Moreover, they have invested significan...
23 April 2018 /retail
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