Community
Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
As the owner, you will also give up ownership if you leave this group.
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
Retired Member
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
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