Community
Open Banking regulation, innovation and technology and it's potential to revolutionise the Financial Services Industry.
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Retired Member
Last Christmas I had two permanent bulges in my trouser pockets thanks to my ever present wallet and mobile phone. I bought presents with my traditional bank account card using online and contactless services and I used the ATM to withdraw cash to go to the Christmas parties I attended. How things have changed! A year on and my financial habits ...
23 December 2017
As a customer, one of the big selling points of Open Banking is giving me control of my financial data. Is this really true? Having reviewed the latest European Open Banking specifications there is plenty of data I should be able to get hold of. The question is how? I get the fact I will be able to use aggregator apps to view my total financial pos...
21 December 2017
Campbell Shaw SVP Publisher Partnerships at Cardlytics
Hackathons have become important drivers of change across the business world. The financial services industry has often had a love-hate relationship with them. Advocates recognised their importance; critics reckoned they were theatre. But as banks across Europe find themselves at multiple crossroads, hackathons, in their truest form, are crucial. I...
20 December 2017 /retail
Last month I spoke at the Nordics NextGen conference in Stockholm. The topic was open banking and PSD2 with a truly great panel, moderator and a full house of intertactive 400+ attendees and my first Nordics visit with open banking experience under my belt. There were two key learnings that I took away from my time there. 1) Clients at the for...
14 December 2017 /payments
Hakan Eroglu Advisor at BIS Innovation Hub (all opinions are my own)
Major changes are under way in Europe’s payments landscape. In the UK, the Competition & Markets Authority (CMA) has triggered a fundamental reshaping of the UK’s digital financial industry ecosystem through the Open Banking regulation. And in the EU, the PSD2 (Payment Services Directive 2) regulations – coming into force on 13 January 2018 – ...
13 December 2017
Kunal Patel Product Manager at 1E
I have read quite a lot on Open Banking over the last couple of years, what it means to the industry, the players and more importantly the consumer. The revised Payment Services Directive (PSD2) is required to be implemented in the UK by 13 January 2018. This will definitely change the banking experience, bringing with it more competition and innov...
05 December 2017 /retail
Yesterday November 27, the European Commission published the final version of the long awaited PSD2 Regulatory Technical Standards on Secure Communications and Secure Customer Authentication. The SCA RTS was accompanied by a press release and a Memo which can be seen as a Q&A document. One of the hottest topics that has been the subject of i...
30 November 2017 /payments
Lloyds Open Banking Challenge Hackathon, #BuildanOpenBank, held on the 16-17 November 2017, had 14 teams including SAP taking part. The goal was to show, within 48 hours, an Open Banking value proposition, how it would work and a business plan. SAP looked at how a bank might address the needs of people that are vulnerable or becoming so, such as Al...
27 November 2017 /retail
As an avid fan of the Open Banking movement, I have tracked the implementation of PSD2 across Europe with much interest over the last few years. PSD2 aims to give customers control over their financial data and more competitive choice. This is something everyone needs to remember in the mad rush to build new businesses and protect existing ones. ...
25 November 2017 /payments
Access to finance is consistently highlighted as a serious concern for small to medium businesses (SMEs), which is worrying considering they are the lifeblood of our economy. Their contribution to the British economy is set to exceed £241bn by 2025, up 19 per cent from last year’s figure of £202bn according to research from the Hampshire Trust Ban...
14 November 2017 /inclusion
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